Annual Report 2006

Contents

Contents

Letter to Shareholders 7

2006 Financial Performance 11

Stock Performance 14

Investment Portfolio 17

Commercial and Leisure Centres 19

Office Buildings 26

Other Investments 29

Portfolio under Development 37

Greece 39

South-eastern Europe 44

Corporate Governance 47

Financial Statements 53

Annual Report 2006

6

Dear Shareholders,

During 2006, LAMDA Development established its position as the dynamic leader in the development and management of commercial and leisure centres in Greece.

Beyond the outstanding success of The Mall Athens and Mediterranean Cosmos in Thessaloniki – where occupancy rates reached 100% and 98% respectively – the company has established itself as the leader in the commercial and leisure centre sector, especially following the concession of the IBC on Kifissias Avenue from Olympic Properties S.A., for the development and operation of an upscale commercial centre.

A significant development for the company and, for Greece, was the agreement to transfer 50% of LAMDA Development shares in The Mall Athens to HSBC Property Investments. This agreement confirmed the successful development and management of Greece’s first large commercial and leisure centre and set the standards for the modernization of the retail sector in Greece. Furthermore, LAMDA Development’s agreement with HSBC brought a profit of €33 million, on top of the €43 million gains that resulted from the appraisal at fair market value of The Mall Athens in the first semester of 2006.

The centres performed particularly well, both in terms of visitor numbers and commercial activity, and thus, contributed significantly to the 34% increase in Net Asset Value during 2006, in comparison to the previous year.

These investments in Athens and Thessaloniki have already created 4,500 new jobs.

Noteworthy developments in 2006 include the purchase of six significant plots of land in South-eastern European countries (Bulgaria, Romania and Serbia) for the development of new residential and commercial investments, reinforcing the company’s strategic presence in these countries.

Other key milestones for 2006 included: the profitable sale of the shipyards unit, LAMDA Shipyards, the signing of the pre-sale agreement of the office building, Ilida Business Centre, in Maroussi, and the completion of the port and land development project at Flisvos Marina, which will consequently improve its financial results from 2007 and thereafter.

Another key point was the 0.5% reduction in the loan interest average spread, resulting in a total pre-tax annual gain of €1.5 million. It should be noted that 93% of the company’s loans are hedged against interest rate fluctuations.

The positive consequences of the company’s progress have been reflected in the 2006 financial results. LAMDA Development’s consolidated turnover increased by 77% in 2006, net income by 17% and Net Asset Vallue (NAV) by 34%, compared to 2005, and reached €405 million.

Letter to Shareholders


Athens, May 2007

7

During 2006, a series of presentations were conducted to institutional investors and, as a result, 20% of the company’s shares today are held by international investors, while 11% are held by Greek institutional investors. The free float reached 37.6% and the average daily share trading increased substantially.

The proposed 2006 share dividend at the company’s Annual General Meeting is €0.23 per share, while the total dividend payment amounts to €10,121,822.06.

Based on the average share price during 2006 – namely €7.74 – dividend yield reached 3%.

In 2006, LAMDA Development’s success track record was recognized in the Euromoney Real Estate Survey 2006, organised by Euromoney magazine, as the company was presented with the “Best Developer” and “Best for Property” awards. The company also gained the title of “Retail Investor of the Year” at the annual Retail Business Awards, for The Mall Athens investment.

Strategy The primary financial goal of LAMDA Development is the continuous improvement of its Net Asset Value (NAV), which has increased by 129% over the past two years.

In 2007, a further improvement of the Net Asset Value is expected, based on the following:• improved profitability of existing investments• drop of yields in the real estate sector• development of new investments

At the same time, LAMDA Development management aims to continue and to strengthen its strategic collaborations with international and Greek companies.

Greece During 2007, the company’s investment strategy in Greece will focus on developments related to com-mercial and leisure centres (malls, outlets, big boxes) as well as high-quality second home complexes. The conditions that prevail in the above sectors can be summarized as follows:

• With regards to commercial centres, it is important to note that Greece has one of the lowest proportions of square metres per resident. It is estimated that for every 1,000 residents there are approximately 55 m2 of commercial space, while in Europe the average is 200 m2 per 1,000 residents. Furthermore, demand will increase further as the Greek market matures and attracts even more international chains pursuing large developments. Finally, the yields are expected to drop and approach the average European levels, which range between 4.5%-5%.

• In the outlets sector – whether they are factory outlets, big box-type outlets or, designer outlets – the potential for the Greek market is considerable as investments to date have been limited.

• The creation of second home complexes presents an important investment opportunity. To date, Greece has not fully capitalized on its natural assets, which, in combination with the country’s cultural heritage, offer a competitive edge over other European holiday destinations. Demand originates primarily from northern Europeans who seek seaside developments, the presence of sound property management and standardized financing packages – conditions already found in other markets competing with Greece.

Annual Report 2006

8

Although significant changes are taking place today toward improving the investment environment, investments in Greece still face considerable problems related to: institutional and tax issues, the creation of a National or Regional Planning that will clarify the use of land and city planning, market transparency, scarcity of appropriate size ownership, and a range of bureaucratic issues related to archaeology and forestry.

South-eastern EuropeIn 2007, LAMDA Development aims to further strengthen its network in Romania, Bulgaria and Serbia, in order to pursue new agreements for the development of residential complexes, office buildings and commercial centres, as well as to pursue business activities in new countries such as Russia, Ukraine, Turkey and Poland.

The large volume of available capital for investments, along with the shortage of available investment opportunities, has led to a drop in yields, resulting in rising real estate prices – a phenomenon that is expected to intensify over the next three years.

The above described situation, combined with rising disposable income and householders’ desire to improve their standard of living, along with lower labour and production costs, reduced tax rates, infrastructure development, urbanisation, the development of mort-gage lending and a 5.5% GNP increase, compared to a 1.9% rise in western Europe, all create a promising investment environment in these countries.

Until early 2007, LAMDA Development’s investments included: office building and logistics building in Bucharest; office building, commercial areas and luxury residential complex in Sofia; residential complex in Serbia. These investments are expected to reach €90 million.

In total, both in Greece and in Southeastern Europe, the company is examining a series of developments with the goal of investing at least €400 million by the end of 2008. In the first quarter of 2007, the company’s new investments amounted to €150 million.

The company’s current financial status allows us to proceed with an investment project portfolio of €700 million (through 65% leverage). The average return on investment capital is targeted at 30%.

Dear Shareholders,2006 was a critical year with the success of many commercial investments, high financial performance and a significant reduction in the company’s future risk-exposure.

The above could not have been achieved without the great effort and participation of the company’s employees, who displayed exceptional performance and efficiency in all areas of the company’s business activity.

With a new corporate structure, LAMDA Development today is maximising its dynamism and continuing its succesful track record.

On behalf of the company’s management and personnel, we thank you warmly for the trust you have shown in us.

Apostolos TamvakakisChairman and CEO LAMDA Development


9

Annual Report 2006

10

The growth in group turnover is mainly attributed to the revenues generated by the two Shopping and Leisure Centres The Mall Athens and Mediterranean Cosmos, as well as to the continuing sales of the residential units of the ILIDA complex in Maroussi. It should be noted that 92% of the turnover originates from real estate development, management and investment, compared to 80% in 2005. Operative income in 2006 increased at a significant level compared to the previous year, taking into consideration that 2005 was the year of completion of the two shopping centers and Ilida office building in Maroussi. As a result, the Net Asset Value (NAV) and the net income before taxes in 2005 increased by €159 million from the completion of the above mentioned projects. The significant improvement over 2005 of the conso-lidated results by €14 million and of the Net Asset Value (NAV) by €103.3 million, are due to the succesful operation and management of the two shopping and leisure centres The Mall Athens and Mediterranean Cosmos (100% and 98% leased accordingly) and also to the revaluation gains of €82.2 million before deferred tax deduction that resulted from the fair value adjustments by independent international valuers.

The agreement with HSBC Property Investments for the transfer of the 50% shares that LAMDA Development held in the shopping center The Mall Athens, has contributed a profit of €33 million on top of the gains that resulted from the appraisal at fair market value of The Mall Athens in the first semester of 2006. It should be noted that the fair market value gains of The Mall Athens resulted both from the successful operation of the shopping center and the improvement in the capitalization rate (yield) compared to the 31/12/2005 valuation. The use of a lower cap rate is based not only on the current market conditions, but also on the sale agreement with HSBC Property Investments.

Financial Results 2006

The positive consequences of the company’s progress have been reflected in the 2006 financial results. LAMDA Development consolidated turnover increased by 77% in 2006, net income by 17% and Net Asset Value (NAV) by 34% compared to 2005 and reached € 405 million.

Consolidated Financial Figures (in € million) 2006 2005 Change %Turnover 108,2 61,0 77.4%

EBITDA 145,2 143,4 1.25%

Profit after Taxes and Minority Interests 94,5 80,6 17.3%

NAV 405,2 301,7 34.3%


11

The results were also positively affected by:

• The €4.9 million price adjustment for the transfer of shares of Eurobank Properties REIC to EFG Eurobank Ergasias S.A. (materialization of the August 2005 contract). This positive difference derived from the higher share price of Eurobank Properties REIC as determined at the Initial Public Offering (I.P.O.) in the Athens Exchange.

• The reduction of corporate income tax had a positive effect on the profits by €18 million and counterbalanced the increase in financial expenses by €12.2 million, which are now expensed and no longer capitalized as in the fiscal year 2005 and before, following the completion and commencement of operation of the group’s real estate developments.

• The transfer of LAMDA Development’s shareholding in LAMDA Shipyards S.A., a 75% participation, for a total price of €10.9 million. The subsidiary company had previously proceeded with the transfer of the total share capital of its subsidiary Argonaftis A.N.E. for a price of €5.2 million. The total effect of the above transaction in 2006 results is €2.7 million compared to net operating losses of €2.9 million in 2005.

• The reduction of loan interest average spreads by 0.5%, resulting in a total gain before taxes of €1.5 million.

• The completion of Flisvos Marina’s harbor and land development in 2006 set the basis for improved financial results from 2007 and thereafter. LAMDA TechnOL Flisvos Marina S.A. posted a loss of €1.9 million in 2006 compared to €5.5 million losses in 2005. The improvement of the financial results is due to the turnover increase from €5.1 million to €6.1 million in 2006, and also due to the fact that the 2005 financial results were negatively affected by the total rental readjustment that concerned fiscal year 2004. It should also be noted, that the results are further burdened by expensing the total rental amount unduly requested by the Company of Tourism Development (E.T.A.), as the company applies the principle of conservatism in presenting company accounts; in actual fact, the rental levels for fiscal years 2004, 2005 and 2006 are to be determined by the judiciary arbitration process currently in progress.

The Group’s key financial figures are shown in the following charts:

Annual Report 2006

12


Financial Data (in million €) 2005 2006Turnover 61,0 108,2EBITDA 143,4 145,2Net Income 80,6 94,5NAV 301,7 405,2

Total Turnover (in million €) 2004 2005 2006Total Turnover 74,6 61 108,2

Net Asset Value(in million €)


0

50

100

150

200

250

300

350

400

450

176,6

2004 2005 2006

178,9

301,7

263,4

405,2

365,6

NAV NNAV

Financial Data(in million €)


0

50

100

150

200

250

300

350

400

450

Turnover EBITDA NetIncome

NAV

Total Turnover(in million €)


2004 2005 20060

20

40

60

80

100

120

74,6

61

108,2

61,080.6

94.5

301,7

405,2

108,2

143,4 145,2

Total AssetsBank Debt

Total Assetsand Bank Debt

(in million €)


(in million €)

Total Assetsand Equity Capital

(in million €)


(in million €)

2004 2005 2006

Turnover per Sector(in million €)


0

20

40

60

80

100

120

PropertyManagement

IncomeIncome fromResidential

SalesOther

IncomeTOTAL

12,2

20,212,9

61

108,2

54,5

28,6

40,8

0

200

400

600

800

1000

557

205

893

363

782

276

2004 2005 20060

200

400

600

800

1000

557

216

893

307

782

408

2005 2006 Total Turnover Total AssetsEquity Capital

2005 2006

Net Asset Value (in million €) 2004 2005 2006NAV 176,6 301,7 405,2NNAV 178,9 263,4 365,6

NNAV equals NAV minus deferred tax

Turnover per Sector (in million €) 2005 2006Property Management Income 12,2 54,5Income for Residential Sales 28,6 40,8Other Income 20,2 12,9TOTAL 61,0 108,2

Total Assets and Bank Debt (in million €)

2004 2005 2006Total Assets 557 893 782Bank Debt 205 363 276



0

50

100

150

200

250

300

350

400

450

176,6

2004 2005 2006

178,9

301,7

263,4

405,2

365,6

NAV NNAV



0

50

100

150

200

250

300

350

400

450


NAV



2004 2005 20060

20

40

60

80

100

120

74,6

61

108,2

61,080.6

94.5

301,7

405,2

108,2

143,4 145,2



(in million €)


(in million €)


(in million €)


(in million €)

2004 2005 2006



0

20

40

60

80

100

120

PropertyManagement


SalesOther

IncomeTOTAL

12,2

20,212,9

61

108,2

54,5

28,6

40,8

0

200

400

600

800

1000

557

205

893

363

782

276

2004 2005 20060

200

400

600

800

1000

557

216

893

307

782

408


2005 2006

Total Assets and Equity Capital (in million €)

2004 2005 2006Total Assets 557 893 782Equity Capital 216 307 408The ratio of total equity to total assets reached 52.2%



0

50

100

150

200

250

300

350

400

450

176,6

2004 2005 2006

178,9

301,7

263,4

405,2

365,6

NAV NNAV



0

50

100

150

200

250

300

350

400

450


NAV



2004 2005 20060

20

40

60

80

100

120

74,6

61

108,2

61,080.6

94.5

301,7

405,2

108,2

143,4 145,2



(in million €)


(in million €)


(in million €)


(in million €)

2004 2005 2006



0

20

40

60

80

100

120

PropertyManagement


SalesOther

IncomeTOTAL

12,2

20,212,9

61

108,2

54,5

28,6

40,8

0

200

400

600

800

1000

557

205

893

363

782

276

2004 2005 20060

200

400

600

800

1000

557

216

893

307

782

408


2005 2006



0

50

100

150

200

250

300

350

400

450

176,6

2004 2005 2006

178,9

301,7

263,4

405,2

365,6

NAV NNAV



0

50

100

150

200

250

300

350

400

450


NAV



2004 2005 20060

20

40

60

80

100

120

74,6

61

108,2

61,080.6

94.5

301,7

405,2

108,2

143,4 145,2



(in million €)


(in million €)


(in million €)


(in million €)

2004 2005 2006



0

20

40

60

80

100

120

PropertyManagement


SalesOther

IncomeTOTAL

12,2

20,212,9

61

108,2

54,5

28,6

40,8

0

200

400

600

800

1000

557

205

893

363

782

276

2004 2005 20060

200

400

600

800

1000

557

216

893

307

782

408


2005 2006



0

50

100

150

200

250

300

350

400

450

176,6

2004 2005 2006

178,9

301,7

263,4

405,2

365,6

NAV NNAV



0

50

100

150

200

250

300

350

400

450


NAV



2004 2005 20060

20

40

60

80

100

120

74,6

61

108,2

61,080.6

94.5

301,7

405,2

108,2

143,4 145,2



(in million €)


(in million €)


(in million €)


(in million €)

2004 2005 2006



0

20

40

60

80

100

120

PropertyManagement


SalesOther

IncomeTOTAL

12,2

20,212,9

61

108,2

54,5

28,6

40,8

0

200

400

600

800

1000

557

205

893

363

782

276

2004 2005 20060

200

400

600

800

1000

557

216

893

307

782

408


2005 2006



0

50

100

150

200

250

300

350

400

450

176,6

2004 2005 2006

178,9

301,7

263,4

405,2

365,6

NAV NNAV



0

50

100

150

200

250

300

350

400

450


NAV



2004 2005 20060

20

40

60

80

100

120

74,6

61

108,2

61,080.6

94.5

301,7

405,2

108,2

143,4 145,2



(in million €)


(in million €)


(in million €)


(in million €)

2004 2005 2006



0

20

40

60

80

100

120

PropertyManagement


SalesOther

IncomeTOTAL

12,2

20,212,9

61

108,2

54,5

28,6

40,8

0

200

400

600

800

1000

557

205

893

363

782

276

2004 2005 20060

200

400

600

800

1000

557

216

893

307

782

408


2005 2006

13

Share Performance

Share Price Performance2005 2006

Closing Price at Year End € 5,76 € 11,76 Annual Average Price € 4,11 € 7,74 Annual Max Price € 5,98 € 11,76 Annual Min Price € 2,60 € 5,64 Daily Average Number of Shares Traded 43.458 78.612

Per Share Financial Data2005 2006

Total Number of Shares Outstanding at Year end 43.785.850 44.029.950

Weighted Average Number of Shares 43.750.344 44.024.665

Per Share Financial Data — —Profit After Taxes and Minority Interests € 1,84 € 2,10

Book Value € 6,02 € 8,30 Net Asset Value (NAV) € 6,89 € 9,20

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22/6/

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11/7/

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30/7/

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25/9/

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14/10

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2/11/2

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21/11

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10/12

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29/12

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LAMDA 104%ASE INDEX 20%MID-40 54%

2006 was yet another year of significant returns for LAMDA Development shareholders. The shares recorded a total annual return of 104%, outperforming both the Athens Exchange General Index (20% return) and the FTSE/ASE MID-40 Index (54% return). This performance continues from 2005, when shares posted a return of 82% to the shareholders.The systematic roadshows and presentations to large foreign and domestic institutional investors that commenced in 2006 increased the stock tradability, as displayed by the steep rise of the average daily volume for the second consecutive year.

As a result, in 2006, free float was significantly increased and reached the level of 37.6%, with significant representation from foreign institutional investors. The share’s participation in the relevant Athens Exchange Indexes and in the European EPRA/NAREIT Index, which is comprised of 103 renowned real estate companies from 15 European countries, further supports the share’s tradability and recognition.

Annual Report 2006

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Overview Of FY 2006 IFRS Financials - Income Statement

2005 2006Revenue 61,0 108,2Earnings Before Interest & Taxes (Ι) 140,4 138,0Profit Before Income Tax 138,6 122,4Taxes 47,7 29,7Profit After Tax & Minority Interest 80,6 94,5

(Ι) Includes net gain on fair value adjustment on investment property

Overview of FY 2006 IFRS Financials - Balance Sheet2005 2006 Change %

Investment Property 602,7 439,0 -27%Property, Plant and Equipment 49,1 48,3 -2%

Inventories 80,9 58,4 -28%Cash and Cash Equivalents 36,8 79,9 117%Group Equity 306,8 408,2 33%Short Term Borrowings 237,0 22,9 -90%Long Term Borrowings 125,7 252,9 101%

Annual Change31/12/2005 31/12/2006 Change%

LAMDA DEVELOPMENT € 5,76 € 11,76 104%

ASE XA 3.663,90 4.394,13 20%ASE MID 40 3.397,00 5.245,31 54%EPRA/NAREIT EUROPE 2.581,00 3.855,06 49%

Participating in the Following IndexesFTSE ASE MID-40 ASE GENERAL INDEXEPRA/NAREIT EUROPE INDEXEPSI 50

REUTERS QUOTE LMDr.ATBLOOMBERG QUOTE LAMDA GA


Average Daily Volume per Month

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Annual Report 2006

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Investment Portfolio

LAMDA Development’s investment portfolio includes commercial and leisure centres, office buildings, residential complexes as well as Flisvos Marina.

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Investment PortfolioAnnual Report 2006

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The main characteristic of The Mall Athens is the combination of a large number of shops, multiple dining and leisure areas offering a wide array of activities for the entire family, easy and well-protected parking areas, full-scale management services as well as direct and easy access to major highway routes and public transport. More specifically, The Mall Athens is built on 5 levels with 3 levels of underground parking space. It comprises 200 stores, including the most significant Greek and international brands, 25 restaurants and cafes, a state-of-the-art 15-screen cinema complex, a multitude of support services and 2,065 parking spaces.

ECE-LAMDA Hellas S.A., a company specializing in the provision of property management services for commercial and leisure centres with extensive international experience, ensures smooth and effective daily operations of the centre. The investment value of the commercial and leisure centre reached €320 million, positioning it as one of the largest private real estate investments ever developed in Greece.

During its first successful year of operation, The Mall Athens attracted approximately 13 million visitors and gross sales exceeded €300 million. Rental and parking income reached €29 million. The centre is 100% leased and it has created approximately 2,500 new jobs.

In November 2006, LAMDA Development transferred 50% of its shares in LAMDA Olympia Village (the developer for The Mall Athens) to HSBC Property Investments Ltd.

With respect to The Mall Athens legal issues, please refer to the company’s Annual Bulletin 2006, which can also be found on the company’s website at www.lamda-development.net.

The Mall Athens

The Mall Athens, Greece’s largest commercial and leisure centre, which began operations in November 2005, represents a milestone for Greek commercial reality, offering more than 200 commercial and leisure options in 58,000 m2 of Gross Leasable Area (GLA).

Commercial & Leisure Centres

19

In October 2006, LAMDA Development was presented with the “Retail Investment of the Year” award by Retail Business magazine for the company’s investment in The Mall Athens. Αccording to the Retail Business 2006 Awards, the centre was the most successful investment of the year, reaching an investment value of €350 million. The Mall Athens drastically changed Greece’s commercial landscape and paved the way for foreign and Greek investors to invest in projects of similar magnitude.

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Annual Report 2006

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Mediterranean Cosmos stands on a 250,000 m2 site owned by the Ecumenical Patriarchate and has been developed on two main levels, which are served by a network of interior pedestrian pathways, offering approximately 3,000 parking spaces.

210 retail units cover approximately 46,000 m2 of Gross Leasable Area (GLA), which include 37 restaurants and cafes, an 11-screen cinema complex and a supermarket, gathering the most important international and Greek retail brands in one location and offering a broad range of support services. The centre provides easy access from the city centre and surrounding areas, and is just five minutes from the “Macedonia” international airport, major highways and junction points.

An investment valued at approximately €120 million, Mediterranean Cosmos was developed in collaboration with an international leader in similar developments, Sonae Sierra. The centre is managed by the company MC Property Management.

During its first successful year of operation, Mediterranean Cosmos was visited by approximately 7.5 million people and gross sales reached €140 million. Rental income amounted to €14 million. The centre has 98% tenant occupancy and has created approximately 2,000 new jobs.

Mediterranean Cosmos, the largest commercial and leisure centre in northern Greece, began operations in Thessaloniki in October 2005. The centre’s most important advantages are a large number of shops (approximately 210), wide range of activities for all family members, dining & leisure areas, as well as full-scale property management services, all offer the centre important advantages.

Investment Portfolio – Commercial & Leisure Centres

Mediterranean Cosmos

23

Απολογισμός Χρήσεως 2006

24

Mediterranean Cosmos includes 210 retail units covering approximately 46,000 m2 of Gross Leasable Area (GLA), which includes 37 restaurants and cafes, an 11-screen cinema complex and a supermarket, gathering the most important international and Greek retail brands in one location and offering a broad range of support services.

Τίτλος ενότητας

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The Ilida Business Centre is a luxury 13,000 m2 office building comprising six levels. The building has been developed on a 10,000 m2 plot of land in Maroussi, adjacent to the Olympic Stadium and situated on Kifissias Avenue, offering excellent access to main highway routes and public transport.

In December 2006, a pre-sale agreement was signed. The transaction will be finalised with the completion of the building’s construction work, which is expected to take place during the first half of 2007. The price of the transaction reaches €41.4 million.

Ilida Business Centre


26

Cecil Office BuildingThe historic former Cecil Hotel in Kifissia, owned by LAMDA Prime Properties, was converted in 2002 to a luxurious and highly-functional office complex offering 6,000 m2 of leasable space. Today, the building is housed with well-known and high prestige companies including, indicatively, I.M, Mailis, Alpha Trust and Trade Link. Rental income reaches €1.9 million, while tenant occupancy is at 95%.

The Kronos Business Centre in Maroussi is an ultra-modern building offering 4,000 m2 of office and commercial space, large floor plates and comfortable offices. The office space has been leased fully by two multi-national companies, Procter & Gamble and Hyatt Regency. Rental income amounts to €0.8 million.

Kronos Business Centre

LAMDA Development owns approximately 800 m2 of floor space and 1,055 m2 of underground parking space in the building at 8, Othonos Street, as well as approximately 1,000 m2 of floor space in the building at 10, Othonos Street. Rental income amounts to €0.9 million.

Othonos Street Offices

Office Buildings

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ILIDA Residential Complex

The innovative residential complex ILIDA in Maroussi comprises 241 apartments and is developed on three blocks covering approximately 60,000 m2.

The complex includes underground parking and storage areas to serve residents, as well as gardens for each owner and natural green areas for common use. ILIDA includes five pedestrian neighbourhoods, each comprising four to five three-story high quality buildings. The 20-25% building density ratio, compared to the usual 50-70%, guarantees a genuinely “mild development”.

ILIDA represents a main junction-point that offers direct access to many important main roads and public transportation points. By May 2007, 80% of the residences had been sold.

Other Investments

29

Avra is a modern and luxury residential complex in Kefalari, in the suburb of Kifissia. Located on a 10,000 m2 site, the complex includes 21 high-calibre residences, leisure and athletic facilities, as well as private and common-use gardens. The sale of all apartments was completed in 2006.

Avra Luxury Residential Complex

Annual Report 2006

30

LAMDA Hellix, a LAMDA Development subsidiary in the “Wired Real Estate” sector is certified under ISO9001:2000 Neutral Mission Critical Facility operator in Greece and South-eastern Europe for the hosting of Information Technology and Telecommunications Equipment. The company develops and operates specialized Mission Critical Facilities and provides outsourcing services including data centre, disaster recovery, point of presence, switching centre to large private and public organizations as well as service providers.

LAMDA Hellix enables organizations with mission critical applications, whether IT or Tele-communications, to increase the security and the availability of their systems, reduce all associated risks and operating costs while maintaining their autonomy and independence. The company’s clientele includes large businesses stemming from the banking, financial and telecommunications industries as well corporations and public organizations.

LAMDA Hellix

Investment Portfolio – Other Investments

31

Annual Report 2006

32

The outstanding port facilities in combination with moderate development and, a unique architectural style, have contributed to the creation of a world-class marina that is expected to attract upscale tourism.

More specifically, regarding the marine infrastructure, protective installations were reinforced and new piers and floating docks have expanded the marina’s capacity from 180 berths to about 250, more than 50% of which can accommodate yachts and mega yachts exceeding 30 metres in length.

For the land infrastructure, an area of 56,000 m2 was upgraded, including 3,000 m2 where – following the completion of the commercialization procedure – yacht owners and visitors will enjoy a diverse array of shopping, leisure and sporting activities in a richly landscaped area.

Regarding Flisvos Marina legal issues, please refer to the Annual Bulletin 2006, which can also be found on the company’s website at www.lamda-development.net.

LAMDA TechnOL Flisvos Marina has been awarded the 40-year concession for the management and upgrading of Flisvos Marina in Faliro, with the aim of transforming it into a premier marina in the South-eastern Mediterranean. The investment programme to upgrade Flisvos Marina’s land and marine infrastructure and facilities represents €45 million.

Flisvos Marina

Investment Portfolio – Other Investments

33

Απολογισμός Χρήσεως 2006

34

Τίτλος ενότητας

35

Just 6 km from the centre of Athens, Flisvos Marina is Greece’s first world-class marina, addressing the needs of upscale clients with mega yachts (yachts over 30 metres in length). During the Olympic Games in 2004, Flisvos Marina successfully hosted VIP guests and today, it attracts upscale tourism from around the world.

Annual Report 2006

36

LAMDA Development’s portfolio under development includes the former International Broadcasting Centre in Greece, which will be transformed into a commercial centre, whilst in South-eastern Europe it includes commercial developments and office buildings, logistics buildings and residential developments in Romania, Bulgaria and Serbia.

Portfolio under Development

37

Portfolio under DevelopmentAnnual Report 2006

38

The former International Broadcasting Centre (IBC) will be transformed into a new upscale commercial centre with unique aesthetic and architectural style, where visitors will be able to choose from 160 luxury stores with international and Greek brands, restaurants and cafes.

The commercial centre will be developed on three levels and will offer approximately 40,000 m2 of Gross Leasable Area (GLA). It will also offer underground parking space for approx 1,400 cars on two levels, whilst approximately 4,500 m2 of office space will also be developed. In the rest of the building, the Ministry of Culture will create the Greek Olympic Games Museum and the International Museum of Classical Athletics, thus creating an integrated cultural, commercial and leisure complex.

The investment cost will reach €60 million, of which €40 million are direct costs and €20 million are the capitalized costs of the construction period. The centre is expected to begin operations in the autumn of 2008.

The project will create approximately 2,000 new jobs and will benefit the local community through local taxes. With the operation of the centre, visitors will be able to choose from yet another high-standard option that addresses their needs for goods and services.

With respect to IBC legal issues, please refer to the Annual Bulletin 2006, which can also be found on the company’s website at www.lamda-development.net.

Greece

New Commercial Centre (former IBC)

39

In 2004, the International Broadcasting Centre was the heart of TV and radio broadcasts of the Athens Olympic Games. Today, it is being transformed into an upscale shopping centre which is expected to start operating in the autumn of 2008.

40

The centre is located in Maroussi and is strategically situated on Kifissias Avenue. Its catchment area covers 2.1 million people in an area less than 30 minutes away by car.

The centre is located a short distance from the Attiki Odos highway, ensuring direct and fast access in every direction.

THE MALLATHENS

TO KIFISSIA

TO KIFISSIA

Kifi

ssia

s A

venu

e

ATTIKI ODOS (ATHENS RINGROAD)

Athens Subway

Ath

ens

Sub

way

TO IN

T'L

HIG

HW

AY

S

TO IN

T'L AIR

PO

RT

To Corinth

E65E75

To Kifissia

To Piraeus(central port)

Athens Suburban RailroadI R A K L I O N

N E A I O N I A

M A R O U S S I

G A L A T S I

H A L A N D R I

TO ATHENS CITY CENTRE

Kapodistriou Avenue

Pentelis Avenue

Annual Report 2006

42

Building Complex and Exhibition Area, Kato KifissiaThe company is part of a joint venture (LAMDA – Redding – 50% participation by LAMDA Development), which is building an office and studio complex for Star Channel in Kato Kifissia, as well as a car exhibition area for Genesis S.A.

Kato Kifissia Site Through its 50% subsidiary company, LAMDA AKINITA, the company owns a plot of land covering about 8,500 m2 in the VIOPA area of Kato Kifissia. The company is evaluating its development through construction of an office building offering more than 10,000 m2 of surface area with underground areas of approximately 6,500 m2.

Spata Site LAMDA Development, through its 100% subsidiary company, LAMDA Estate Development, owns a 88,000 m2 plot of land within Spata Business Park, on Pikermi Avenue. The site, following the already completed urban planning, has been divided into two plots, where developments covering more than 50,000 m2 can be built. The permitted land uses allow for hotel, retail, office, food, leisure and athletic facilities. The company is evaluating alternative options for the development of the land within the above framework.

Kifissia Site LAMDA Prime Properties owns a 4,000 m2 plot of land in Kifissia, with exclusive residential use. The company is examining the best possible ways to develop this land.

Portfolio under Development – Greece

43

Bulgaria

Commercial Development – Office BuildingThe company GLS OOD (50% participation by LAMDA Development, GEK) owns a 13,500 m2 plot of land in Sofia, and more specifically, on the city’s ring-road, where 19,000 m2 of commercial and office space is being developed. The investment cost is expected to exceed €15 million. The investment will be completed at the end of 2008 and the construction permit has already been issued.

Residential DevelopmentLAMDA Development Sofia EOOD owns a 11,000 m2 plot of land in a suburb of Sofia, where many upscale residential developments have been developed recently. On this site, the company will build upscale residencies covering 8,000 m2. The total investment cost will reach €10 million. The project is currently in the architectural planning stage and is expected to be completed in 2009.

Office Building The company TIHI Ltd owns a 6,300 m2 plot of land in Sofia, with access to the city’s two main highway routes and 1.5 km from the city centre. On this site, an office building will be constructed with commercial areas on the ground floor, covering a total of approxi-mately 30,000 m2. The cost of the transaction reaches €13 million, whilst the total investment value is expected to exceed €30 million. The project is expected to be completed in 2009.

Annual Report 2006

44

Romania

Office Βuilding The company LAMDA Med (40% participation by LAMDA Development) is developing a luxury office building, covering a total of 6,700 m2 on eight levels. The 10,050 m2 site is situated in a high profile location, on the main highway that links the centre of Bucharest with the airport. The building will offer all the modern technical specifications as well as parking space on two underground levels totalling 2,000 m2. The total cost of the project will reach €5.2 million. The building is currently under construction and is expected to be completed by early 2008.

Logistics ΒuildingThe site is under development by Robies Services Ltd (a 90% subsidiary of LAMDA Development) and is located at the 23rd kilometre of the main road linking Bucharest and Pitesti. This area is undergoing rapid development and is emerging as a hub for the largest logistics developments, exceeding – in the initial stage– 400,000 m2 of leasable space. On this site, 47,500 m2 of logistics space will be constructed. The total cost of the project is expected to amount to €23 million, while completion is scheduled in 2009.

SerbiaResidential DevelopmentLAMDA Development DOO Beograd owns a 3,000 m2 plot of land in the Vracar area of Belgrade, an upgraded residential development area. On that site, the company will build an 11,000 m2 residential development at an investment cost of €15 million. The project is scheduled for completion in mid-2009.

Portfolio under Development – S.E. Europe

45

Annual Report 2006

46

LAMDA Development has applied corporate governance principles and processes since its inception, long before these were introduced to Greece, under law 3016, based on internationally recognised criteria and regulatory framework such as those applied by listed companies on international stock exchanges.

Board of DirectorsThe Board of Directors is responsible for the company’s management and strategic direction. The majority of the Board is composed of independent and non-executive members. Specifically, of the Board’s eight members, six are non-executive, two of which are fully independent.

Internal Audit Committee The Internal Audit Committee was formed upon the company’s establishment and prior to the undertaking of any investment. The Committee is composed of three members, Mr. Emmanuel Leonard Bussetil, Mr. Petros Kalatzis and Mr. Spyridon Theodoropoulos, one of which is a non-executive and independent Member of the Board of Directors.

Human Resources CommitteeDuring 2004, it was decided to form the Human Resource Committee, composed of three Members of the Board of Directors, Mr. Apostolos Tamvakakis, Mr. Fotios Antonatos and Mr. Dimitris Papalexopoulos. The Committee is responsible for overseeing the management of the company’s Human Resources Department.

Corporate Governance

LAMDA Development adheres to the principles of corporate governance, which are not only essential for monitoring management decision and actions, but also for protecting the vested interests of shareholders.


47

Internal Audit Service

Internal Audit at LAMDA Development is an independent and objective assurance and consulting activity, which adds value and improves the company’s operations. It helps the organisation accomplish its objectives by applying a systematic and disciplined approach to evaluate and improve the effectiveness of risk management, audit mechanisms and the governance process.

In accordance with the principle of independence, the Internal Audit Service reports to the Internal Audit Committee. Responsibility for the internal audit function has been assumed by the Internal Audit Department (Maria Papakonstantinou) and is supported selectively by external specialist consultants, when deemed necessary.

The support of external consultants ensures the existence of the necessary technical expertise in the specialised fields in which the company is active. The internal audit strategy ensures that all major LAMDA Development companies are audited at least once a year, whilst specific investments are selectively audited based on performances that could significantly impact the company’s results.

Shareholder Services, Corporate Communications, Investor Relations

The department provides shareholders with accurate information, as well as other shareholder services as stipulated by the law and the company’s Articles of Association. The department is headed by Alexandros Kokkidis.

The department is responsible for all levels of investor relations activities and ensures that institutional investors, securities companies, brokers and the media receive all necessary information in a timely manner. Furthermore, the department is responsible for com-munication with the relevant authorities (Athens Exchange and Hellenic Capital Markets Committee).

The department is structured to provide the following services: • Shareholder services • Institutional investor and professional investment advisor relations • Corporate communications • Media relations and communication with authorities, regulatory bodies and other key audiences.

Within the framework of its activities, LAMDA Development also participates in “investment briefings” organised by reputable financial institutions.

Annual Report 2006

48


Apostolos Tamvakakis Chairman and Chief Executive OfficerMr. Tamvakakis holds a Bachelor of Arts in Economics from Athens University and a Master of Arts in Economics from the University of Saskatchewan (Canada) where he majored in Econometrics. He has worked with Mobil Oil Hellas S.A., Investment Bank, ABN AMRO Bank as Deputy General Manager for Greece and with the National Mortgage Bank and National Bank of Greece as Vice Chairman. He is member of the Board of Directors of Vivartia S.A., the Foundation for Economic and Industrial Research and TITAN CEMENT CO.

Evangelos Chronis Vice-ChairmanMr. Chronis studied shipping in London and worked closely with John S. Latsis for 25 years. Today, he serves as Chairman and Member of the BoD for a number of the Latsis Group companies, as well as for philanthropic institutions.

George Papageorgiou Member Mr. Papageorgiou graduated as a civil engineer from the National Technical University. He has held senior management positions at AEGEK S.A. (Anonymous Company of General Constructions and Maritime, Tourist, Agricultural and Forestall Enterprises) and the construction company AVAX S.A., where he also served as a Member of the Board of Directors for 15 years. Furthermore, he has held the position of Managing Director for the hotel complex “Astir Palace Vouliagmeni S.A”, Managing Director of the construction company PROET S.A. (an associate company of J&P AVAX S.A.), as well as Vice President of the Board of Directors of J & P Development S.A. Since October 2004, he is General Manager of LAMDA Development S.A.

Fotios Antonatos MemberMr. Antonatos is based in Geneva and maintainsa position on the General Council of the Latsis Group. He is a Member of the Board of Directors of various subsidiaries of the EFG banking group in Switzerland and, in addition, has been a member of the management team of many Latsis Group companies for more than 21 years.

Emmanuel Leonard Bussetil MemberMr. Bussetil is the Financial Director of the Latsis Group and a Member of the Board of Directors of various subsidiaries of the EFG banking group, as well as a Member of the Board of Directors of PrivatAir Holding S.A. He is also a Member of the Institute of Chartered Accountants of England and Wales (ICAEW). Before his appointment as head of the Latsis Group’s Internal Audit Department, Mr. Bussetil worked for Pricewaterhouse. His collaboration with the Latsis Group began 22 years ago.

The LAMDA Development Board of Directors

49

Petros Kalantzis MemberDr. Petros Kalantzis studied Economics at the University of Zurich and Basel and gained a post-graduate and doctorate degree in macro-economics. He was a researcher and assistant professor in economic theory at the University of Basel. In 1972, he became a member of Lonza Ltd. (Basel). In 1991, he served as Vice-President of the Alusuisse-Lonza Group (Zurich). Since 2001, he has worked as an independent consultant and is a Member of the Board of Directors of several companies in Europe and in the US. He has served as Chairman of Petrola and as Chairman of the Board of Directors of the Swiss Chemical and Pharmaceutical Industry Association between the years 2001-2002.

Dimitris Papalexopoulos MemberDimitris Papalexopoulos, aged 44, has been with TITAN since 1991 and in his present position, as Managing Director, since 1996. Prior to joining TITAN, he spent two years as a consultant for McKinsey & Company in New York and Munich. He holds an MSc in Electrical Engineering from the Swiss Federal Institute of Technology and an MBA from Harvard Business School. Mr. Papalexopoulos sits on the Board of the Hellenic Harvard Foundation, the Federation of Greek Industries, the Foundation for Economic and Industrial Research and the Athens Laboratory of Business Administration (ALBA). He is married and has three children.

Spyridon Theodoropoulos MemberMr. Theodoropoulos is the CEO of Vivartia S.A., a company which occurred after the merger of 5 companies of the food sector: DELTA HOLDING S.A., DELTA DAIRY S.A., CHIPITA INTERNATIONAL S.A., GOODY’S S.A. and GENERAL FOODS S.A. He has served as Sales Manager at Recor S.A. and General Manager at ALIGEL. In 1986 he becomes Chief Executive Officer at INTERIA, while at the same year he acquired 50% of CHIPITA’s shares and assumed the position of Chief Executive Officer at the company. In 1989, he acquired the remaining CHIPITA shares. Today he is member of the BoD of TITAN Cement CO. He has also been President of the Administration Committee of the Association of the Listed Companies on the ASE, Vice President of the BoD of the Federation of Greek Industries and Vice President of Helex. He is a graduate of the School of Economics and Commercial Studies (ASOEE) and speaks English and Italian fluently.

Annual Report 2006

50

Employee BenefitsLAMDA Development is implementing a broad range of benefit programmes, including a specialised health insurance plan, a pension plan, a retirement compensation and bonus plan, as well as a stock option plan for senior executives.

TrainingDuring 2006, LAMDA Development conducted a series of training and education programmes covering the professional needs of its employees, enhancing their continuous professional development with the goalof ensuring effective response to market demands.

Environmentally Aware ActivitiesAn essential prerequisite for the implementation of an investment is not only the company’s adherence to existing standards, but also the creation of new benchmarks relating to the environment and quality of life. LAMDA Development’s investments are developed with construction methods and materials that ensure maximum energy conservation.

Buildings are developed after a bioclimatic study has been conducted to determine the optimum use of natural energy resources. Listed buildings are restored, maint-aining their original architectural character and thus renewing their “life span”.

LAMDA Development strives to provide natural sound insulation, while upgrading the surrounding natural environment of its investments.

Contributing to Local Community DevelopmentThe fundamental objective of LAMDA Development is for its investments to create conditions conducive for development and prosperity not only for its clients, but also for the local communities in which it operates. LAMDA Development always aims, to the greatest possible extent, to hire personnel from local commu-nities throughout the implementation of its invest-ments, such as in the development of Mediterranean Cosmos in Thessaloniki. The company also strives to create a network of local suppliers that contributes to the overall economic development of the area.


51

Annual Report 2006

52

Financial Statements 2006

Financial Statements 2006(in accordance with International Financial Reporting Standards – IFRS)

LAMDA Development S.A.

LAMDA Olympia Village S.A.

LAMDA Prime Properties S.A.

PYLAIA S.A

53

54

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COM

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Regis

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Laod

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faiou

, 115

28, A

then

sRe

giste

r No:

3039

/06/

Β/86

/28

Regu

lator

y aut

horit

ies:

Mini

stry o

f Dev

elopm

ents,

Dep

artm

ent o

f Ano

nym

es Co

mpa

nies

Date

of ap

prov

al of

the a

nnua

l fina

ncial

stat

emen

ts (fr

om w

hich s

umm

ary d

ata w

ere c

ompi

led):

6 Marc

h 200

7Ce

rtifie

d aud

itor a

ccou

ntan

t:M

ichala

tos K

onsta

ntino

s (SO

EL Re

g. No

. 177

01)

Audit

firm

:Pr

icewa

terh

ouse

Coop

ers S

.A.

Audit

ors’ o

pinio

n:No

quali

ficat

ion - W

ith em

phas

is iss

ueCo

mpa

ny's w

ebsit

e:ww

w.lam

da-d

evelo

pmen

t.net

BALA

NCE

SHEE

T (A

mou

nts i

n €)

GROU

PCO

MPA

NYAS

SETS

31/1

2/20

0631

/12/

2005

31/1

2/20

0631

/12/

2005

Non-

curre

nt as

sets

Inves

tmen

t pro

perty

439.0

17.85

660

2.702

.993

5.540

.441

5.495

.441

Prope

rty, p

lant a

nd eq

uipme

nt48

.334.7

2749

.133.8

4098

2.819

1.505

.602

Intan

gible

asse

ts4.8

68.29

75.0

08.22

3-

-Inv

estm

ents

in as

socia

tes95

7.386

34.77

0.662

131.4

40.23

725

4.645

.469

Avail

able-

for-sa

le fin

ancia

l asse

ts42

.427.7

96-

42.42

7.796

-De

rivati

ve fin

ancia

l instr

umen

ts31

.150

--

-De

ferred

inco

me ta

x asse

ts20

.574

328.8

61-

139.7

15Ot

her re

ceiva

bles

75.37

7.186

3.060

.183

49.73

0.705

2.338

.084

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

611.0

34.97

369

5.004

.763

230.1

21.99

926

4.124

.311

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Curre

nt as

sets

Inven

torie

s58

.394.7

4380

.939.5

13-

-Tra

de an

d oth

er rec

eivab

les30

.452.7

4777

.112.1

1514

.414.0

177.0

39.93

4Cu

rrent

inco

me ta

x asse

ts2.5

06.10

72.7

70.36

51.4

11.68

975

6.177

Cash

and c

ash e

quiva

lents

79.91

1.287

36.82

9.823

51.50

4.302

4.291

.681

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

171.2

64.88

419

7.651

.816

67.33

0.007

12.08

7.792

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Tota

l ass

ets

782.2

99.85

689

2.656

.578

297.4

52.00

627

6.212

.102

======

======

======

====

======

======

====

======

======

======

====

======

======

====

EQUI

TYCa

pita

l and

rese

rves

attri

buta

ble t

o equ

ity ho

lder

s of t

he co

mpa

nySh

are ca

pital

235.7

22.81

823

5.878

.092

235.7

22.81

723

5.878

.092

Othe

r rese

rves

23.35

7.593

5.983

.471

22.05

2.196

4.630

.689

Retai

ned e

arning

s / (A

ccum

ulated

losse

s)10

6.546

.237

21.58

5.395

25.21

5.307

(52.86

3.652

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal s

hare

holde

rs eq

uity

365.6

26.64

826

3.446

.958

282.9

90.32

118

7.645

.129

Min

ority

inte

rest

42.60

6.437

43.39

9.481

--

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Tota

l equ

ity40

8.233

.085

306.8

46.43

928

2.990

.321

187.6

45.12

9---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---LIA

BILIT

IESNo

n-cu

rrent

liabi

lities

Borro

wing

s25

2.924

.016

125.6

73.92

9-

31.32

0.689

Defer

red in

come

tax l

iabilit

ies44

.671.2

3644

.992.1

042.3

24.87

1-

Deriv

ative

finan

cial in

strum

ents

124.5

38-

--

Retir

emen

t ben

efit o

bliga

tions

303.2

0058

3.332

275.9

9317

3.098

Othe

r non

-curre

nt lia

bilitie

s9.3

93.34

21.4

18.52

236

.148

36.14

8---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---30

7.416

.333

172.6

67.88

72.6

37.01

231

.529.9

35---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Cu

rrent

liabi

lities

Trade

and o

ther

paya

bles

43.46

3.855

175.8

14.21

711

.668.2

2236

.017.0

33Cu

rrent

inco

me ta

x liab

ilities

295.2

8428

0.109

--

Borro

wing

s22

.891.3

0023

7.047

.926

156.4

5121

.020.0

06---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---66

.650.4

3941

3.142

.252

11.82

4.673

57.03

7.039

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Tota

l liab

ilities

374.0

66.77

158

5.810

.139

14.46

1.685

88.56

6.974

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Tota

l equ

ity an

d liab

ilities

782.2

99.85

689

2.656

.578

297.4

52.00

627

6.212

.102

======

======

======

====

======

======

====

======

======

======

====

======

======

====

55

CASH

FLO

W S

TATE

MEN

T (A

mou

nts

in €

) - In

dire

ct M

etho

dGR

OUP

COM

PANY

1/01

-31/

12/2

006

1/01

-31/

12/2

005

1/01

-31/

12/2

006

1/01

-31/

12/2

005

Cash

flows

from

oper

ating

activ

ities

Profit

befor

e inc

ome t

ax12

2.380

.753

138.6

13.23

987

.940.3

685.5

19.26

7Ad

justm

ents

for:

Depr

eciat

ion2.2

89.39

21.9

50.85

664

8.272

674.3

66Fa

ir valu

e gain

s / (lo

sses)

of inv

estm

ent p

rope

rty(82

.183.0

42)

(159.3

25.05

5)(45

.000)

45.00

0Pro

vision

s3.2

70.82

47.6

12.70

56.0

0536

3.101

Emplo

yees

share

optio

n sch

eme

-52

1.924

-52

1.924

Intere

st an

d oth

er rel

ated e

xpen

ses

(40.24

6.611

)(9.

591.8

12)

(101.6

42.84

6)(10

.356.6

50)

Finan

ce co

sts - n

et17

.919.9

097.4

41.58

33.6

87.46

32.0

64.08

4Ot

her n

on-ca

sh flo

w ite

ms(19

.315.6

80)

(441.3

51)

503.1

00-

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

4.115

.544

(13.2

17.91

0)(8

.902.6

38)

(1.16

8.907

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ch

ange

s in w

orkin

g cap

ital:

Decre

ase /

(incre

ase)

in inv

ento

ries

2.160

.304

10.00

8.803

--

Decre

ase /

(incre

ase)

in rec

eivab

les(32

.477.3

77)

(19.85

5.949

)(48

.525.9

76)

(7.53

7.436

)Inc

rease

/ (de

creas

e) in

paya

bles

(63.36

0.111

)9.7

25.85

6(24

.303.1

67)

(11.14

9.923

)Mi

nus:

Intere

st ex

pens

es pa

id(16

.918.9

83)

(6.08

0.409

)(5.

267.4

25)

(1.84

8.663

)Inc

ome t

ax pa

id(6.

485.0

38)

(3.65

0.855

)(7.

321.4

97)

(534.8

56)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

oper

ating

activ

ities

- net

(112.9

65.66

1)(23

.070.4

63)

(94.32

0.704

)(22

.239.7

84)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

inve

sting

activ

ities

Purch

ases

of pr

opert

y, plan

t, equ

ipmen

t and

inve

stmen

t pro

perty

(23.56

8.979

)(12

7.891

.308)

(125.4

89)

(2.37

7.093

)Pro

ceed

s fro

m sa

le of

prop

erty, p

lant, e

quipm

ent a

nd in

vestm

ent p

rope

rty22

.553

2.299

.118

-2.3

06.95

5Di

viden

ds re

ceive

d1.6

20.33

329

4.000

1.620

.333

898.9

50Lo

ans g

ranted

to re

lated

parti

es(5.

076.0

00)

-(10

.000.0

00)

-Pro

ceed

s fro

m sa

le of

subs

idiari

es16

1.895

.107

17.34

5.766

161.8

95.10

718

.383.1

93Pa

rticip

ation

in sh

are ca

pital

issue

in su

bsidi

aries

and p

urch

ase o

f sub

sidiar

ies(8.

665.9

64)

(22.01

1.008

)(12

.333.3

93)

(23.72

5.014

)Int

erest

receiv

ed98

.599

195.3

9868

0.636

13.40

0---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh flo

ws fr

om in

vesti

ng ac

tiviti

es - n

et12

6.325

.649

(129.7

68.03

5)14

1.737

.194

(4.49

9.610

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh flo

ws fr

om fin

ancin

g acti

vities

Proce

eds f

rom

issua

nce o

f sha

res of

subs

idiari

es5.2

15.80

71.6

76.44

3(1.

278)

479.4

43Pu

rchas

e of tr

easu

ry sh

ares

(182.3

93)

-(18

2.393

)-

Proce

eds f

rom

subs

idiari

es' sh

are ca

pital

decre

ase

(100.0

00)

-52

.164.2

98-

Divid

ends

paid

to Co

mpan

y's sh

areho

lders

(254)

(10.14

8)(25

4)(10

.148)

Borro

wing

s rec

eived

282.8

89.30

728

8.012

.688

136.0

82.07

337

.295.6

28Ca

pital

repay

ment

s of fi

nanc

e lea

ses

(637.2

65)

(620.8

73)

--

Repa

ymen

ts of

borro

wing

s(25

7.463

.726)

(123.7

98.65

0)(18

8.266

.316)

(7.86

4.798

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh flo

ws fr

om fin

ancin

g acti

vities

- net

29.72

1.477

165.2

59.46

1(20

3.869

)29

.900.1

25---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ne

t (dec

reas

e) / in

creas

e in c

ash a

nd ca

sh eq

uivale

nts

43.08

1.465

12.42

0.963

47.21

2.621

3.160

.731

Cash

and c

ash e

quiva

lents

at th

e beg

inning

of ye

ar36

.829.8

2323

.938.1

134.2

91.68

11.1

30.95

1Ca

sh an

d cas

h equ

ivalen

ts - d

iscon

tinue

d ope

ration

s-

470.7

47-

----------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh an

d cas

h equ

ivalen

ts at

the e

nd of

year

79.91

1.287

36.82

9.823

51.50

4.302

4.291

.682

======

======

======

====

======

======

====

======

======

======

====

======

======

====

14.T

he Co

mpan

y, du

ring J

anua

ry 20

07, p

roce

eded

in th

e acq

uisitio

n of 9

0% of

the s

hare

capit

al of

Cypr

iot co

mpan

y Rob

ies Se

rvice

s Ltd

, whic

h own

s 100

% of

a Rom

anian

comp

any t

hat h

olds a

95.00

0 sqm

plot

of la

nd in

the w

ester

n part

of Bu

chare

st. Th

e tot

al pr

ice of

the a

bove

tran

sacti

on is

€ 2.6m

.15

.Also

, dur

ing M

arch 2

007,

the C

ompa

ny ha

s sign

ed a

pre s

ale ag

reeme

nt fo

r the

acqu

isitio

n of th

e Bulg

arian

comp

any T

IHI L

td, w

hich o

wns 6

.300 s

qm pl

ot of

land

in So

fia,

Bulga

ria. T

he pr

ice of

the t

ransa

ction

is € 1

3m.

16.I

nterc

ompa

ny tr

ansa

ction

s for

the f

iscal

year

2006

and i

nterc

ompa

ny ba

lance

s as o

f 31 D

ecem

ber 2

006,

acco

rding

to IA

S 24 a

re as

follo

ws:

Amou

nts in

€GR

OUP

COMP

ANY

------------------

------------------

------------------

------------

------------------

------------

------------------

---------------

a) Sa

les of

good

s and

servi

ces

2.303

.186

2.842

.701

b) Pu

rchas

es of

good

s and

servi

ces

5.286

.066

285.1

81c)

Rece

ivable

s7.7

44.90

621

.026.7

86d)

Paya

bles

43.37

9.839

109.9

70e)

Trans

actio

ns an

d gro

ss sa

laries

of Bo

D me

mbers

amd m

anag

emen

t67

2.866

629.2

50f)

Rece

ivable

s fro

m Bo

D me

mbers

amd m

anag

emen

t 5.9

13-

g) Pa

yable

s fro

m Bo

D me

mbers

amd m

anag

emen

t -

-h)

Sale

of su

bsidi

aries

10.95

0.000

10.95

0.000

STAT

EMEN

T O

F CH

AN

GES

IN E

QU

ITY

(Am

ount

s in

€)

GROU

PCO

MPA

NY31

/12/

2006

31/1

2/20

0531

/12/

2006

31/1

2/20

05Sh

areh

older

's equ

ity at

the b

eginn

ing of

the p

eriod

(1/01

/200

6 & 1/

01/2

005 r

espe

ctive

ly)30

6.846

.439

215.8

32.61

018

7.645

.129

181.1

26.06

8Ne

t prof

it afte

r taxe

s95

.302.3

3588

.033.8

8379

.829.8

215.4

78.07

8---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---40

2.148

.774

303.8

66.49

326

7.474

.950

186.6

04.14

6---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Cu

rrenc

y tran

slatio

n diffe

rence

s37

.900

1.698

.662

--

Share

s issu

ed in

subs

idiari

es3.8

48.00

01.1

97.00

0-

-Fai

r valu

e gain

s on a

vaila

ble-fo

r-sale

finan

cial a

ssets

7.972

.364

-15

.670.6

47-

Cash

flow

hedg

es(70

.041)

--

-Tra

nsfer

s betw

een r

eserve

s2.8

93-

--

Net in

come

/ (ex

pens

e) rec

ognis

ed di

rectly

in eq

uity

(12.78

2)-

27.11

8-

Sale

of su

bsidi

aries

(2.84

1.549

)(1.

572.0

96)

--

Chan

ge in

subs

idiary

share

holdi

ngs

(2.67

0.083

)61

5.397

--

Purch

ase of

treasu

ry sh

ares

(182.3

93)

-(18

2.393

)-

Emplo

yees

share

optio

n sch

eme

-1.0

40.98

2-

1.040

.983

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Shar

ehold

er's e

quity

at ye

ar en

d (31

/12/

2006

& 31

/12/

2005

resp

ectiv

ely)

408.2

33.08

530

6.846

.439

282.9

90.32

118

7.645

.129

======

======

======

====

======

======

====

======

======

======

====

======

======

====

Addi

tiona

l rec

ords

and

acco

unts

:1.

GROU

P’S CO

MPOS

ITION

% Pa

rticipa

tion

% Pa

rticipa

tion

of the

paren

tof

the pa

rent

comp

any

comp

any

Comp

any

Comp

any

LAMD

A Dev

elopm

ent S

APa

rent c

ompa

nyFu

ll con

solid

ation

Propo

rtiona

te co

nsoli

datio

nLA

MDA E

state

Deve

lopme

nt SA

Athe

ns10

0.00%

LAMD

A Olym

pia Vi

llage

SAAt

hens

49.24

%KR

ONOS

PARK

ING SA

Athe

nsInd

irect

100.0

0%LA

MDA A

kinita

SAAt

hens

50.00

%LA

MDA P

rime P

ropert

ies SA

Athe

ns10

0.00%

SC LA

MDA O

lympic

SRL

Roma

nia50

.00%

PYLA

IA SA

Athe

ns60

.10%

GLS O

ODBu

lgaria

Indire

ct50

.00%

LAMD

A Tec

hnol

Flisvo

s Hold

ing SA

Athe

ns45

.00%

LAMD

A Red

ding C

ontra

cting

Cons

ortium

Athe

nsInd

irect

50.00

%LA

MDA T

echn

ol Fli

svos M

arina

SAAt

hens

Indire

ct34

.75%

LAMD

A Erga

Anap

tyxis S

AAt

hens

100.0

0%Eq

uity c

onso

lidati

onLA

MDA D

omi S

AAt

hens

100.0

0%4Κ

Anap

tyxi A

kinito

u SA

Athe

nsInd

irect

30.00

%LA

MDA P

ropert

y Man

agem

ent S

AAt

hens

100.0

0%MC

Prop

erty M

anag

amen

t SA

Athe

nsInd

irect

25.00

%LA

MDA H

ellix S

AAt

hens

80.00

%EC

E LAM

DA HE

LLAS

SAAt

hens

34.00

%LA

MDA A

nadix

i SA

Athe

ns10

0.00%

SC LA

MDA M

ED SR

LRo

mania

Indire

ct40

.00%

LAMD

A Prot

ypi A

napty

xi SA

Athe

ns10

0.00%

EFG P

ROPE

RTY S

ERVIC

ES SA

Roma

nia20

.00%

LAMD

A Dev

elopm

ent D

OO Be

ograd

Servi

a10

0.00%

EFG P

ROPE

RTY S

ERVIC

ES DO

O BEO

GRAD

Servi

a20

.00%

LAMD

A Dev

elopm

ent R

oman

ia SR

LRo

mania

100.0

0%EF

G PRO

PERT

Y SER

VICES

SOFIA

ADBu

lgaria

20.00

%LA

MDA D

evelo

pmen

t Sofi

aBu

lgaria

100.0

0%2.

In th

e pare

nt co

mpan

y, the

regu

lar ta

x aud

it has

been

comp

leted

for th

e yea

rs 20

03 to

2005

, and

tax p

ayme

nt of

€ 25

.239 h

as oc

curre

d. LA

MDA E

state

Deve

lopme

nt S.

A. ha

sbe

en ta

x aud

ited u

ntil t

he ye

ar-en

d 200

3 and

LAMD

A Pri

me Pr

opert

ies S.

A. un

til th

e yea

r-end

2004

. All t

he ot

her s

ubsid

iaries

have

not b

een t

ax au

dited

sinc

e yea

r 200

3.Th

erefor

e, Gr

oup’s

tax o

bliga

tions

have

not b

een d

efine

d perm

anen

tly.

3.Th

e acc

ount

ing pr

incipl

es ad

opted

in th

e prep

aratio

n and

pres

entat

ion of

the f

inanc

ial st

ateme

nts a

re co

nsist

ent w

ith th

e sam

e acc

ount

ing pr

incipl

es ad

opted

for t

hefin

ancia

l state

ment

s of th

e Com

pany

and t

he Gr

oup f

or th

e yea

r end

ed 31

/12/20

05.

4.Ce

rtain

comp

arativ

es in

the i

ncom

e stat

emen

t and

cash

flow

statem

ent h

ave b

een r

eclas

sified

in or

der t

o bett

er pr

esen

t the

Comp

any's

perfo

rman

ce. F

or fu

rther

analy

sis,

see n

ote 3

4 of th

e Com

pany

's ann

ual fi

nanc

ial st

ateme

nts.

5.On

7/11

/2006

the C

ompa

ny tra

nsfer

red 50

% of

its pa

rticip

ation

in LA

MDA O

lympia

Villa

ge S.

A. to

HSBC

LUXE

MBOU

RG SA

RL. A

s a re

sult,

the G

roup

with

this t

ransa

ction

lose

sth

e con

trol a

nd in

leag

ue w

ith HS

BC LU

XEMB

OURG

SARL

have

the p

ower

to go

vern

the f

inanc

ial an

d ope

rating

polic

ies of

LAMD

A Olym

pia Vi

llage

S.A.

Also,

the c

onso

lidati

onme

thod

is ch

ange

d fro

m ful

l to pr

opor

tiona

te. Th

e sale

of 50

% of

the C

ompa

ny’s p

artici

patio

n in L

AMDA

Olym

pia Vi

llage

S.A.

result

ed to

gains

€ 62

m for

the p

arent

and

€ 33,1

for t

he Gr

oup,

that

are pr

esen

ted in

“Pro

fit fro

m sa

le of

parti

cipati

ons”

figur

e of C

ompa

ny an

d Gro

up’s f

inanc

ial st

ateme

nts.

6.On

04/09

/2006

, the C

ompa

ny tr

ansfe

rred i

ts ac

quire

d sha

res in

LAMD

A Ship

yard

s and

Mari

ne Se

rvice

s S.A.

, nam

ely 75

% of

its sh

are ca

pital.

The t

otal

cost

of th

is tran

sacti

onam

ount

s to €

10,9

m. O

n 14/0

4/200

6 the

abov

e men

tione

d sub

sidiar

y LAM

DA Sh

ipyard

s and

Mari

ne Se

rvice

s S.A.

, had

proc

eede

d to t

he tr

ansfe

r of Α

ΡΓΟΝ

ΑΥΤΗ

Σ M.S.

A.to

tal sh

ares f

or th

e amo

unt o

f € 5,

2m. T

he tu

rnov

er of

the a

bove

men

tione

d com

panie

s unt

il the

tran

sfer d

ate w

as €

8,8m

(2005

: € 12

,2m) a

nd th

e earn

ings b

efore

intere

st,tax

es, d

eprec

iation

& am

ortiz

ation

in €

1,1m

(2005

: loss

€ 1,9m

) for 2

006.

The p

rofit

from

disco

ntinu

ed op

eratio

ns am

ount

ed to

€ 2,6

m for

2006

(200

5: los

s € 2,

9m) fo

r the

Grou

p res

ults.

7.Th

e sub

sidiar

y com

pany

Lamd

a Tec

hnol

Flisv

os M

arina

S.A.

is on t

he pr

oced

ure o

f arb

itrati

on w

ith th

e com

pany

ETA S

.A. no

t only

for t

he de

mand

of €

7,7m

but a

lso fo

r the

liabil

ity of

€ 12

,7 m.

In ad

dition

, for t

he su

bsidi

ary co

mpan

y out

stand

ing bl

ea in

abate

ment

s in th

e slig

ht of

State

of Co

uncil

rega

rding

the e

xpan

sion a

nd th

e dev

elopm

ent

of th

e Mari

na. T

he co

mpan

y exp

ects

a suc

cessf

ul iss

ue of

the c

ases

men

tione

d abo

ve.

8.Th

e sub

sidiar

y com

pany

LAMD

A Dev

elopm

ent D

OO (B

eogr

ad) is

cons

olida

ted fo

r the f

irst ti

me du

e to p

reviou

s non

-sign

ifican

t valu

e. The

paren

t Com

pany

parti

cipate

s with

a perc

entag

e of 1

00%

(direc

t con

solid

ation

meth

od).

9.Th

e acc

ount

"Trad

e and

othe

r Rec

eivab

les" in

clude

s € 26

,5 m

appr

oxim

ately,

conc

erning

rece

ivable

s aga

inst H

ellen

ic Stat

e, for

the re

imbu

rseme

nt of

VAT r

elated

to co

nstru

ction

cost

of th

e Sho

pping

Cent

ers.

10.T

he co

mpan

y Con

solid

ated L

amda

Holdi

ngs S

A reg

istere

d in L

uxem

bour

g part

icipa

tes in

Comp

any's

share

capit

al by

55,67

7% an

d the

refor

e Gro

up's f

inanc

ial st

ateme

nts a

reinc

luded

in Co

nsoli

dated

Lamd

a Hold

ings S

A's co

nsoli

dated

finan

cial st

ateme

nts.

11.R

eal e

state

liens

and p

re-no

tices

, amo

unt t

o € 42

5,2m

conc

erning

guara

nties

for b

ank l

oans

.12

.The

re are

neith

er ca

ses u

nder

dispu

te, lit

igatio

n, or

arbit

ration

s nor

any c

ourt

decis

ions t

hat a

re lik

ely to

have

a sig

nifica

nt im

pact

on th

e Com

pany

’s fina

ncial

state

ment

.13

.The

numb

er of

emplo

yees

at th

e end

of th

e yea

r was

131 f

or th

e Gro

up in

total

of w

hich 8

0 for

the C

ompa

ny (2

005:

Grou

p 228

, Com

pany

85).

Athe

ns, 6

Marc

h 200

7TH

E CHA

IRMAN

OF T

HE BO

ARD

OF D

IRECT

ORS

THE G

ENER

AL M

ANAG

ERTH

E DIRE

CTOR

OF F

INAN

CE &

ADM

INIST

RATIO

NTH

E FIN

ANCI

AL D

IRECT

OR&

CHIEF

EXEC

UTIVE

OFF

ICER

& M

EMBE

R OF T

HE BO

ARD

OF D

IRECT

ORS

APOS

TOLO

S S. TA

MVA

KAKIS

GEOR

GIOS

K. PA

PAGE

ORGI

OUOD

YSSE

AS E.

ATHA

NASIO

UVA

SSILI

OS Α

. BAL

OUM

ISI.D

. No P

7046

91I.D

. No P

6553

46I.D

. No A

B510

661

I.D. N

o Τ06

1891

56

Boar

d of D

irect

ors

Chair

man

of th

e Boa

rd:

Paul

Emm

anue

l Mac

key

Vice

pres

iden

t & Ch

ief Ex

ecut

ive O

ffice

r:

Odys

seas

E. A

than

asiou

Mem

bers:

Simon

Pete

r de A

lbuq

uerq

ue

Edwa

rd D

ougla

s Glov

er

Timot

hy G

eoffr

ey Th

orp

Kons

tant

ina G

. Kar

atop

ouzi

Alex

andr

os I.

Kokk

idis

Anas

tasio

s P. K

otza

nasta

sis

Pana

giotis

S. N

ikolai

dis

Geor

gios C

. Pap

ageo

rgiou

Ioann

is - M

etax

as D

. Trik

ardos

INCO

ME

STAT

EMEN

T ( A

mou

nts i

n €)

Com

pany

1/01

- 31/

12/2

006

1/01

- 31/

12/2

005

Reve

nue

66.42

0.377

23

.518.3

70

Gros

s Rev

enue

25.43

4.261

(1

4.934

.334)

Fair v

alue g

ains f

rom

inves

tmen

t pro

perty

113.6

28.68

0 10

7.717

.343

Earn

ings

befo

re in

tere

st, ta

xes,

depr

eciat

ion &

amor

tizat

ion

139.0

62.94

1 92

.783.0

09

Earn

ings

befo

re in

tere

st an

d tax

es13

8.810

.975

92.68

1.264

Prof

it be

fore

taxe

s12

8.405

.956

91.95

3.212

Minu

s: Tax

es(27

.500.2

30)

(30.38

9.475

) ---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---

Prof

it fo

r the

perio

d10

0.905

.726

61.56

3.737

======

======

======

======

======

======

LAM

DA

OLY

MP

IA V

ILLA

GE

S.A

.Fi

gure

s and

info

rmat

ion

for t

he y

ear

ende

d D

ecem

ber 3

1, 2

006

(Pub

lishe

d ac

cord

ing

to a

rticl

e 13

5 of

the

Com

pani

es A

ct 2

190/

1920

for

com

pani

es p

repa

ring

annu

al fi

nanc

ial s

tate

men

ts, c

onso

lidat

ed o

r not

, in

acco

rdan

ce w

ith IF

RS)

The f

igure

s and

info

rmat

ion ill

ustra

ted b

elow

aim to

prov

ide a

sum

mar

y view

of th

e fina

ncial

posit

ion an

d res

ults o

f LAM

DA O

LYMP

IA VI

LLAG

E SA.

Befo

re m

aking

any i

nves

tmen

t dec

ision

or an

y oth

er tr

ansa

ction

conc

ernin

g the

com

pany

, we a

dvise

the r

eade

r to v

isit t

he co

mpa

ny's w

ebsit

e(w

ww.la

mda

-dev

elopm

ent.n

et) w

hich p

rese

nts t

he de

taile

d fina

ncial

state

men

ts ac

cord

ing to

Inte

rnat

ional

Finan

cial R

epor

ting S

tand

ards, a

long w

ith th

e aud

itor's

repo

rt.

COM

PANY

’S DA

TA:

Regis

tere

d offi

ce:

Laod

ikeias

16 &

Nim

faiou

, 115

28 A

then

s

Regis

ter N

o: 48

192/

01/B

/01/

516/

02

Main

activ

ity:

Real

Esta

te D

evelo

pmen

t

Regu

lator

y aut

horit

ies:

Mini

stry o

f Dev

elopm

ents,

Dep

artm

ent o

f Ano

nym

es Co

mpa

nies

Date

of ap

prov

al of

the a

nnua

l fina

ncial

stat

emen

ts

(from

whic

h sum

mar

y dat

a wer

e com

piled

): 2 A

pril 2

007

Certi

fied a

udito

r acc

ount

ant:

Mich

alato

s Kon

stant

inos (

SOEL

Reg.N

o. 17

701)

Audit

firm

: Pr

icewa

terh

ouse

Coop

ers S

.A.

Audit

ors’ o

pinio

n: W

ith em

phas

is iss

ue

Com

pany

's web

site:

www.

lamda

-dev

elopm

ent.n

et

BALA

NCE

SHEE

T ( A

mou

nts i

n €)

Com

pany

AS

SETS

31/1

2/20

0631

/12/

2005

Inves

tmen

t pro

perty

452.3

00.00

039

1.049

.559

Othe

r non

-curre

nt as

sets

25.10

6.710

1.462

.085

Inven

torie

s65

.353.0

6956

.134.5

43

Trade

and o

ther

receiv

ables

14.67

2.539

33.63

9.799

Othe

r cur

rent a

ssets

105.2

7813

4.744

Cash

and c

ash e

quiva

lents

15.32

9.420

15.60

3.408

---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal A

sset

s57

2.867

.016

498.0

24.13

8 ===

======

======

======

======

======

===LIA

BILIT

IES A

ND SH

AREH

OLDE

RS EQ

UITY

Long

-term

borro

wing

s28

0.000

.000

70.00

0.000

Non-

Curre

nt lia

bilitie

s55

.764.3

5928

.054.1

89

Shor

t-term

borro

wing

s50

.250.5

0012

6.037

.793

Othe

r cur

rent li

abilit

ies16

.066.2

1298

.268.8

17---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal li

abilit

ies (a

)40

2.081

.072

322.3

60.79

9Sh

are Ca

pital

15.60

6.432

120.7

23.10

8

Othe

r rese

rves

(150.5

79)

39.11

1

Retai

ned e

arning

s15

5.330

.091

54.90

1.120

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Tota

l Equ

ity (b

)17

0.785

.944

175.6

63.33

9---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal L

iabilit

ies &

shar

ehol

ders

equi

ty (c

) = (a

) + (b

)57

2.867

.016

498.0

24.13

8 ===

======

======

======

======

======

===

57

Addi

tiona

l fig

ures

and

info

rmat

ion:

1.Th

e com

pany

has b

een a

udite

d by t

he ta

x aut

horit

ies ye

ar-en

d 200

2.2.

The a

verag

e num

ber o

f com

pany

’s emp

loyee

s at 3

1/12/2

006 w

as 2

emplo

yees

.3.

The C

ompa

ny is

joint

ly co

ntro

lled b

y Lam

da D

evelo

pmen

t S.A.

whic

h is r

egist

ered i

n Ath

ens a

nd H

SBC L

UXEM

BOUR

G SA

RL re

gister

ed in

Luxe

mbou

rg w

ith ef

fect f

rom

07/11

/2006

, as a

resu

lt of th

e tran

sfer o

f 13.0

06.10

5 sha

res be

twee

n the

afor

emen

tione

d part

ies un

der t

he sa

le an

d pur

chas

e agr

eeme

nt da

ted 07

/11/20

06. C

onse

quen

tly,

Lamd

a Dev

elopm

ent S

.A. an

d HSB

C LU

XEMB

OURG

SARL

each

own 4

9,24%

of C

ompa

ny’s s

hares

and t

heref

ore C

ompa

ny’s f

inanc

ial st

ateme

nts a

re inc

luded

in th

eirco

nsoli

dated

finan

cial st

ateme

nts u

nder

prop

ortio

nate

meth

od.

4.As

sets

includ

e rec

eivab

les am

ount

ing to

appr

oxim

ately

€20,5

m (20

05: €

24,6m

) com

prise

VAT p

aid fo

r con

struc

tion c

osts

of th

e sho

pping

cent

er.5.

Real

estat

e lien

s and

pre-n

otice

s amo

unt t

o app

roxim

ately

€425

,2 m.

6.Th

ere ar

e neit

her c

ases

unde

r disp

ute,

litiga

tion,

or ar

bitrat

ions n

or ar

e any

cour

t dec

ision

s tha

t are

likely

to ha

ve a

signif

icant

impa

ct on

the C

ompa

ny’s f

inanc

ials.

7.Co

mpan

y’s tra

nsac

tions

with

relat

ed pa

rties

for th

e yea

r 200

6 and

relat

ed pa

rties

balan

ces a

s at 3

1 Dec

embe

r 200

6, un

der IA

S 24 a

re: Sa

les of

servi

ces €

22.16

5.470

, Pur

chas

eof

servi

ces €

4.715

.840,

Liabil

ities €

6.648

.860,

Loan

s fro

m rel

ated p

arties

€330

.250.5

00 an

d Cas

h at b

ank –

relat

ed pa

rties

€15.0

88.09

0.8.

Certa

in pr

eviou

s yea

r inco

me st

ateme

nt ite

ms as

well

as th

e res

pecti

ve no

tes ha

ve be

en re

classi

fied i

n ord

er to

be co

mpara

ble w

ith th

e cur

rent p

eriod

. In ad

dition

, with

avie

w to

prov

iding

inve

stors

with

addit

ional

infor

matio

n, su

pplem

entar

y ana

lysis i

n inc

ome s

tatem

ent is

prov

ided.

Thes

e rec

lassif

icatio

ns ha

d no e

ffect

on pr

ofits

attrib

utab

leto

the s

hareh

olders

.

Athe

ns, A

pril 2

2007

THE C

HAIRM

AN O

F THE

BOAR

D OF

DIRE

CTOR

S

PAUL

EMMA

NUEL

MAC

KEY

Passp

ort ID

S106

596

THE V

ICE P

RESID

ENT &

CHIEF

EXEC

UTIVE

OFF

ICER

ODYS

EEAS

E. AT

HANA

SIOY

ID N

o ΑΒ5

1066

1

THE F

INAN

CIAL

DIRE

CTOR

VASS

ILIOS

A. B

ALOU

MIS

ID N

o Τ06

1891

THE A

CCOU

NTAN

T

MARIA

T. M

ALIA

PPI

A' CL

ASS A

CC. ID

001

6087

STAT

EMEN

T OF

CHA

NGES

IN E

QUIT

Y (A

mou

nts i

n €)

Com

pany

31

/12/

2006

31/1

2/20

05Sh

areho

lder's

Equit

y at t

he be

ginnin

g of th

e peri

od (1

/1/20

06 an

d 1/1/

2005

)17

5.663

.339

114.2

40.77

1Ne

t pro

fits fo

r the

perio

d afte

r tax

es10

0.905

.726

61.56

3.737

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

276.5

69.06

517

5.804

.508

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Share

Capit

al de

creas

e(10

5.128

.556)

-Ca

sh flo

w he

dges

rese

rves

(189.6

90)

-Ex

pens

es re

lated

to iss

ue of

share

capit

al(47

6.755

)-

Defer

red ta

x imp

act

11.88

1(14

1.169

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Pe

riod s

hareh

older'

s Equ

ity at

perio

d end

(31/1

2/200

6 and

31/12

/2005

)17

0.785

.945

175.6

63.33

9===

======

======

======

======

======

===

CASH

FLOW

STAT

EMEN

T (A

mou

nts i

n €)

- Ind

irect

Met

hod

Com

pany

1/

01 - 3

1/12

/200

61/

01 - 3

1/12

/200

5Ca

sh flo

ws fr

om op

erat

ing a

ctivi

ties

Profits

befor

e tax

es12

8.405

.956

91.95

3.212

Adjus

tmen

ts for

:De

prec

iation

251.9

6710

1.745

Rece

ivable

s impa

irmen

t2.1

36.29

9-

Provis

ions f

or in

vent

ories

-6.7

55.51

7Fa

ir valu

e gain

s of in

vestm

ent p

rope

rty(11

3.628

.680)

(107.7

17.34

3)Re

sults

from

inves

ting a

ctivit

ies (R

even

ues, E

xpen

ses, P

rofits

, Los

ses)

(38.60

7)(36

.192)

Intere

st ex

pens

es10

.440.4

7876

4.245

Ch

ange

s in w

orkin

g cap

ital:

Decre

ase i

n inv

ento

ries

6.510

.646

4.740

.714

(Incre

ase )

/ dec

rease

in re

ceiva

bles

2.494

.051

(13.00

0.598

)Inc

rease

/ (de

creas

e) in

paya

bles

(55.96

2.565

)14

.012.1

04Mi

nus: Int

erest

expe

nses

paid

(9.20

6.280

)(1.

199.0

65)

Incom

e tax

paid

29.46

6(39

4.629

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ne

t cas

h flow

from

oper

atin

g acti

vities

(a)

(28.5

67.26

9)

(4.02

0.291

) ---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh flo

ws fr

om In

vesti

ng A

ctivi

ties

Purch

ase o

f pro

perty

, plan

t and

equip

ment

(108.3

42)

(68.65

3.974

)Pro

ceed

from

sale

of pr

opert

y , pl

ant a

nd eq

uipme

nt9.2

69-

Intere

st rec

eived

35.46

036

.192

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Net c

ash f

lows f

rom

inve

sting

activ

ities

(b)

(63.6

13)

(68.6

17.78

2)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

Flow

s fro

m Fi

nanc

ing A

ctivi

ties

Share

capit

al de

creas

e(10

5.128

.556)

-Sh

are ca

pital

issue

expe

nses

(476.7

55)

(174.7

90)

Borro

wing

s rec

eived

305.0

00.00

011

2.000

.000

Repa

ymen

t of b

orro

wing

s(17

1.037

.793)

(36.00

0.133

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ne

t cas

h flow

s fro

m fin

ancin

g acti

vities

(c)

28.35

6.896

75

.825.0

77

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Net (

decre

ase)

/ inc

reas

e in c

ash a

nd ca

sh eq

uiva

lents

(a) +

(b) +

(c)

(273

.988)

3.1

87.00

4 ---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh an

d cas

h equ

ivalen

ts at

begin

ning o

f the p

eriod

15.60

3.408

12

.416.4

04

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

and c

ash e

quiva

lents

at en

d of t

he pe

riod

15.32

9.420

15

.603.4

08

======

======

======

======

======

======

58

Boar

d of D

irect

ors

Chair

man

of th

e Boa

rd:

Chro

nis I.

Evag

gelos

Vice

pres

iden

t:Pa

page

orgio

u C. G

eorg

ios

Chief

Exec

utive

Offi

cer:

Vekio

s S. V

assil

ios

Mem

ber:

Atha

nasio

u E. O

dysse

as

INCO

ME

STAT

EMEN

T (A

mou

nts i

n €)

Com

pany

1/01

- 31/

12/2

006

1/01

- 31/

12/2

005

Sales

1.887

.833

2.119

.876

Gros

s pro

fit1.6

38.51

81.8

33.06

3

Fair v

alue g

ains /

(losse

s) of

inves

tmen

t pro

perty

2.795

.000

3.346

.000

Earn

ings

befo

re in

tere

st, ta

xes,

depr

eciat

ion &

amor

tizat

ion

4.345

.112

5.183

.987

Earn

ings

befo

re in

tere

st an

d tax

es4.1

42.76

04.9

81.78

6

Prof

it be

fore

inco

me t

ax3.8

59.29

44.7

03.07

1

Minu

s: Tax

es(88

6.958

)(1.

644.0

44)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Prof

it af

ter t

ax fo

r the

year

2.972

.337

3.059

.027

======

======

======

======

======

======

LAM

DA

PR

IME

PR

OP

ERTI

ES S

.A.

Sum

mar

y fin

anci

al d

ata

and

info

rmat

ion

for t

he y

ear

ende

d 31

Dec

embe

r 200

6Pu

blish

ed a

ccor

ding

to a

rticl

e 13

5 of

Law

219

0, fo

r com

pani

es p

repa

ring

annu

al fi

nanc

ial s

tate

men

ts, c

onso

lidat

ed o

r not

, in

acco

rdan

ce w

ith th

e IF

RSInf

orm

ation

liste

d belo

w is a

iming

to pr

ovide

gene

ral aw

arene

ss ab

out t

he fin

ancia

l pos

ition a

nd th

e fina

ncial

resu

lts of

LAMD

A Prim

e Pro

perti

es S.

A. U

sers

requ

iring n

on-su

mm

arise

d inf

orm

ation

of th

e com

pany

's fina

ncial

posit

ion an

d res

ults, m

ust r

efer t

o the

annu

al fin

ancia

l state

men

tspr

epare

d und

er In

tern

ation

al Fin

ancia

l Rep

ortin

g Sta

ndard

s (IFR

S), as

well

as th

e cer

tified

audit

ors o

pinion

. Indic

ative

ly, us

ers m

ay vi

sit th

e com

pany

's web

site (

www.

lamda

-dev

elopm

ent.n

et), w

here

the a

fore

men

tione

d inf

orm

ation

is pu

blish

ed.

COM

PANY

’S DA

TA:

Regis

tere

d offi

ce:

Laod

ikeias

16 &

Nim

faiou

, 115

28, A

then

s

Regis

ter N

o:13

078/

01/Β

/01/

86/1

38(01

)

Main

activ

ity:

Real

esta

te

Regu

lator

y aut

horit

ies:

Mini

stry o

f Dev

elopm

ents,

Dep

artm

ent o

f Ano

nym

es Co

mpa

nies

Date

of ap

prov

al of

the a

nnua

l fina

ncial

stat

emen

ts

(from

whic

h sum

mar

y dat

a wer

e com

piled

):2 A

pril 2

007

Certi

fied a

udito

r acc

ount

ant:

Mich

alato

s Kon

stant

inos (

SOEL

Reg.

No.17

701)

Audit

firm

:Pr

icewa

terh

ouse

Coop

ers S

.A.

Audit

ors’ o

pinio

n:Un

mod

ified

Com

pany

's web

site:

www.

lamda

-dev

elopm

ent.n

et

BALA

NCE

SHEE

T (A

mou

nts i

n €)

Com

pany

ASSE

TS31

/12/

2006

31/1

2/20

05

Inves

tmen

t pro

perty

33.84

0.000

31.04

5.000

Non-

curre

nt as

sets

1.245

.236

1.444

.655

Trade

and o

ther

receiv

ables

17.34

142

.734

Cash

and c

ash e

quiva

lents

10.68

410

.507

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

TOTA

L ASS

ETS

35.11

3.260

32.54

2.896

======

======

======

======

======

======

LIABI

LITIES

AND

SHAR

EHOL

DERS

EQUI

TY

Non-

curre

nt lia

bilitie

s7.5

06.06

47.5

50.48

1

Shor

t-term

bank

borro

wing

s25

0.414

69.23

5

Othe

r cur

rent ia

bilitie

s16

2.030

700.7

65---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal li

abilit

ies (a

)7.9

18.50

88.3

20.48

1---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Sh

are ca

pital

3.600

.000

3.600

.000

Othe

r rese

rves

84.60

946

.826

Retai

ned e

arning

s / (A

ccum

ulated

losse

s)23

.510.1

4320

.575.5

90---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal s

hare

hold

ers e

quity

(b)

27.19

4.752

24.22

2.415

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

TOTA

L EQU

ITY A

ND LI

ABILI

TIES

(c) =

(a) +

(b)

35.11

3.260

32.54

2.896

======

======

======

======

======

======

59

Addi

tiona

l rec

ords

and

acc

ount

s:

1.Th

e Com

pany

has b

een a

udite

d by t

ax au

thor

ities u

ntil t

he ye

ar-en

d 200

4.

2.Th

e Com

pany

's fina

ncial

state

ment

s are

includ

ed in

the c

onso

lidate

d fina

ncial

state

ment

s of L

AMDA

Dev

elopm

ent S

.A. (re

gister

ed of

fices

in Gr

eece

), whic

h own

s 100

% of

the C

ompa

ny's o

rdina

ry sh

ares, b

y the

full c

onso

lidati

on m

ethod

.

3.Th

ere ar

e no r

eal e

state

liens

and p

re-no

tices

.

4.Th

ere ar

e neit

her c

ases

unde

r disp

ute,

litiga

tion,

or ar

bitrat

ions n

or an

y cou

rt de

cision

s tha

t are

likely

to ha

ve a

signif

icant

impa

ct on

the C

ompa

ny’s f

inanc

ial st

ateme

nt.

5.Int

ercom

pany

tran

sacti

ons f

or th

e fisc

al ye

ar 20

06 an

d int

ercom

pany

balan

ces a

s of3

1 Dec

embe

r 200

6, ac

cord

ing to

IAS 2

4 are

as fo

llows

:

i) Sa

les of

good

s and

servi

ces €

131.7

55.

ii) P

ayab

les €

17.97

9.

iii) C

ash a

t ban

k - re

lated

parti

es €

9.518

.

Athe

ns, 2

Apr

il 200

7

THE C

HAIRM

AN O

F THE

BOAR

D OF

DIRE

CTOR

S

EVAG

GELO

S I. C

HRON

IS ID

No Σ

2812

86

THE C

HIEF

EXEC

UTIVE

OFF

ICER

VASS

ILIOS

S. VE

KIOS

ID N

o Χ06

6973

THE F

INAN

CIAL

DIRE

CTOR

VASS

ILIOS

Α. B

ALOU

MIS

ID N

o Τ06

1891

THE A

CCOU

NTAN

T

PAVL

OS N

. KOR

NARO

SID

No Ξ

2822

10

STAT

EMEN

T OF

CHA

NGES

IN E

QUIT

Y (A

mou

nts i

n €)

Com

pany

31/1

2/20

0631

/12/

2005

Share

holde

r's eq

uity a

t the

begin

ning o

f the p

eriod

(1/01

/2006

& 1/0

1/200

5 res

pecti

vely)

24.22

2.415

21.16

3.388

Net p

rofit

after

taxes

2.972

.337

3.059

.027

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Share

holde

r's eq

uity a

t yea

r end

(31/1

2/200

6 & 31

/12/20

05 re

spec

tively

)27

.194.7

5224

.222.4

15===

======

======

======

======

======

===

CASH

FLOW

STAT

EMEN

T (A

mou

nts i

n €)

- Ind

irect

Met

hod

Com

pany

1/01

- 31/

12/2

006

1/01

- 31/

12/2

005

Cash

flows

from

oper

atin

g act

ivitie

s

Profit

befor

e inc

ome t

ax3.8

59.29

44.7

03.07

1

Adjus

tmen

ts for

:

Depr

eciat

ion20

2.352

202.2

01

Fair v

alue g

ains /

(losse

s) of

inves

tmen

t pro

perty

(2.79

5.000

)(3.

346.0

00)

Resu

lts fro

m inv

estin

g acti

vities

(Rev

enue

s, Exp

ense

s, Pro

fits, L

osse

s) (2.

220)

(2.42

4)

Intere

st an

d oth

er rel

ated e

xpen

ses

285.6

8528

1.139

Chan

ges in

wor

king c

apita

l:

Decre

ase /

(incre

ase)

in rec

eivab

les25

.393

3.347

Increa

se / (

decre

ase)

in pa

yable

s(47

1.520

)(56

.099)

Minu

s: Intere

st ex

pens

es pa

id(28

2.823

)(29

5.941

)

Incom

e tax

paid

(281.4

51)

(669.0

41)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

oper

atin

g acti

vities

- net

(a)

539.7

1082

0.254

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

inve

sting

activ

ities

Purch

ases

of pr

opert

y, plan

t, equ

ipmen

t and

inve

stmen

t pro

perty

(2.93

3)(47

.303)

Intere

st rec

eived

2.220

2.424

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

inve

sting

activ

ities

- net

(b)

(713

)(4

4.879

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh flo

ws fr

om fin

ancin

g act

ivitie

s

Repa

ymen

ts of

borro

wing

s(72

0.000

)(77

1.670

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh flo

ws fr

om fin

ancin

g acti

vities

- net

(c)

(720

.000)

(771

.670)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Net (

decre

ase)

/ inc

reas

e in c

ash a

nd ca

sh eq

uiva

lents

(a) +

(b) +

(c)

(181

.003)

3.705

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

and c

ash e

quiva

lents

at th

e beg

inning

of ye

ar(58

.728)

(62.43

2)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh an

d cas

h equ

ivalen

ts at

the e

nd of

year

(239

.730)

(58.7

28)

======

======

======

======

======

======

60

Boar

d of D

irect

ors

Chair

man

of th

e Boa

rd:

Dim

akop

oulos

C. A

lexan

dros

Mem

bers:

Theo

doro

s C. G

lavas

Odys

seas

E. A

than

asiou

Geor

gios K

. Pap

ageo

rgiou

Apos

tolos

S. Ta

mva

kakis

Theo

doro

s N. C

hara

gionis

Kons

tant

ina G

. Kar

atop

ouzi

Alva

ro G

arm

ona e

Costa

Porte

la

Fern

ando

Mar

ia Gu

edes

Mac

hado

Ant

unes

de O

liveir

a

INCO

ME

STAT

EMEN

T (A

mou

nts i

n €)

Com

pany

1/01

- 31/

12/2

006

1/01

- 31/

12/2

005

Sales

14.88

1.826

3.453

.237

Gros

s pro

fit

8.800

.190

1.700

.694

Fair v

alue g

ains /

(losse

s) of

inves

tmen

t pro

perty

4.748

.522

46.86

0.857

Earn

ings

befo

re in

tere

st, ta

xes,

depr

eciat

ion &

amor

tizat

ion

10.61

5.387

43.20

1.058

Earn

ings

befo

re in

tere

st an

d tax

es10

.581.4

6043

.181.8

04

Prof

it be

fore

inco

me t

ax7.1

31.00

842

.507.3

97

Minu

s: Tax

es59

7.627

(13.13

9.173

)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Prof

it af

ter t

ax fo

r the

year

7.728

.635

29.36

8.224

======

======

======

======

======

======

PYLE

A S

.A.

Sum

mar

y fin

anci

al d

ata

and

info

rmat

ion

for t

he y

ear

ende

d 31

Dec

embe

r 200

6Pu

blish

ed a

ccor

ding

to a

rticl

e 13

5 of

Law

219

0, fo

r com

pani

es p

repa

ring

annu

al fi

nanc

ial s

tate

men

ts, c

onso

lidat

ed o

r not

, in

acco

rdan

ce w

ith th

e IF

RSInf

orm

ation

liste

d belo

w is

aiming

to pr

ovide

gene

ral aw

arene

ss ab

out t

he fin

ancia

l pos

ition a

nd th

e fina

ncial

resu

lts of

PYLE

A S.A

. Use

rs re

quirin

g non

-sum

mari

sed i

nfor

mat

ion of

the c

ompa

ny's f

inanc

ial po

sition

and r

esult

s, mus

t refe

r to t

he an

nual

finan

cial s

tate

men

ts pr

epare

d und

erInt

erna

tiona

l Fina

ncial

Repo

rting

Stan

dard

s (IFR

S), as

well

as th

e cer

tified

audit

ors o

pinion

. Indic

ative

ly, us

ers m

ay vi

sit th

e com

pany

's web

site (

www.

lamda

-dev

elopm

ent.n

et), w

here

the a

fore

men

tione

d inf

orm

ation

is pu

blish

ed.

COM

PANY

’S DA

TA:

Regis

tere

d offi

ce:

Laod

ikeias

16 &

Nim

faiou

, 115

28, A

then

s

Regis

ter N

o:50

043/

01/Β

/01/

600

Main

activ

ity:

Real

Esta

te D

evelo

pmen

t

Regu

lator

y aut

horit

ies:

Mini

stry o

f Dev

elopm

ents,

Dep

artm

ent o

f Ano

nym

es Co

mpa

nies

Date

of ap

prov

al of

the a

nnua

l fina

ncial

stat

emen

ts

(from

whic

h sum

mar

y dat

a wer

e com

piled

):29

Marc

h 200

7

Certi

fied a

udito

r acc

ount

ant:

Mich

alato

s Kon

stant

inos (

SOEL

Reg.

No.17

701)

Audit

firm

:Pr

icewa

terh

ouse

Coop

ers S

.A.

Audit

ors’ o

pinio

n:Un

mod

ified-

With

emph

asis

issue

s

Com

pany

's web

site:

www.

lamda

-dev

elopm

ent.n

et

BALA

NCE

SHEE

T (A

mou

nts i

n €)

Com

pany

31/1

2/20

0631

/12/

2005

ASSE

TS

Non-

curre

nt as

sets

158.6

22.55

715

0.706

.995

Trade

and o

ther

receiv

ables

23.57

1.635

21.66

4.989

Othe

r asse

ts17

4.426

652.4

54

Cash

and c

ash e

quiva

lents

3.857

.659

9.445

.363

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

TOTA

L ASS

ETS

186.2

26.27

718

2.469

.801

======

======

======

======

======

======

LIABI

LITIES

AND

SHAR

EHOL

DERS

EQUI

TY

Othe

r non

-curre

nt lia

bilitie

s12

.579.4

8613

.169.3

24

Long

-term

borro

wing

s70

.000.0

0070

.000.0

00

Othe

r cur

rent li

abilit

ies14

.838.9

7125

.144.6

54---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal li

abilit

ies (a

)97

.418.4

5710

8.313

.978

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Share

capit

al52

.703.7

3945

.703.7

39

Othe

r rese

rves

23.36

2-

Retai

ned e

arning

s / (A

ccum

ulated

losse

s)36

.080.7

1828

.452.0

84---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---To

tal s

hare

holde

rs eq

uity (

b)88

.807.8

1974

.155.8

23---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---TO

TAL E

QUIT

Y AND

LIAB

ILITI

ES (c

) = (a

) + (b

)18

6.226

.277

182.4

69.80

1===

======

======

======

======

======

===

61

Addi

tiona

l rec

ords

and

acc

ount

s:

1.Th

e Com

pany

has b

een a

udite

d by t

ax au

thor

ities u

ntil t

he ye

ar-en

d 200

2.

2.Th

e Com

pany

has n

o emp

loyee

s.

3.Th

e Com

pany

's fina

ncial

state

ment

s are

includ

ed in

the c

onso

lidate

d fina

ncial

state

ment

s of L

AMDA

Dev

elopm

ent S

.A. (re

gister

ed of

fices

in G

reece

), whic

h own

s 60,1

0%

of th

e Com

pany

's ord

inary

share

s, by t

he fu

ll con

solid

ation

meth

od.

4.Th

e acc

ount

"Trad

e and

othe

r rece

ivable

s" inc

ludes

€ 16

,4m ap

prox

imate

ly wh

ich re

lates

to VA

T paid

on th

e buil

ding c

osts

of th

e sho

pping

cent

re, an

d whic

h are

expe

cted

to be

refun

ded.

5.Th

ere ar

e no r

eal e

state

liens

and p

re-no

tices

.

6.Th

ere ar

e neit

her c

ases

unde

r disp

ute,

litiga

tion,

or ar

bitrat

ions n

or an

y cou

rt de

cision

s tha

t are

likely

to ha

ve a

signif

icant

impa

ct on

the C

ompa

ny’s f

inanc

ial st

ateme

nt.

7.Int

ercom

pany

tran

sacti

ons f

or th

e fisc

al ye

ar 20

06 an

d int

ercom

pany

balan

ces a

s of 3

1 Dec

embe

r 200

6, ac

cord

ing to

IAS 2

4 are

as fo

llows

:

i) Sale

s of g

oods

and s

ervice

s € 51

.901.

ii) Pu

rchas

es of

good

s and

servi

ces €

2.57

7.756

.

iii) Re

ceiva

bles €

5.27

4.

iv) Pa

yable

s € 5.

302.9

91.

Athe

ns, 2

9 Marc

h 200

7

THE C

HAIRM

AN O

F THE

BOAR

D OF

DIRE

CTOR

S

ALEX

ANDR

OS C.

DIM

AKOP

OULO

SID

No Τ

5387

34

A M

EMBE

R OF T

HE BO

ARD

OF D

IRECT

ORS

ODYS

SEAS

E. AT

HANA

SIOU

ID N

o ΑΒ 5

1066

1

THE F

INAN

CIAL

& M

ANAG

ING

DIRE

CTOR

DIM

ITRIO

S P.K

ASVIS

ID N

o Ρ 64

5455

THE C

HIEF

ACC

OUNT

ANT

SOTIR

IOS K

. GIO

USIO

SA'

CLAS

S ACC

. ID 18

909

STAT

EMEN

T OF

CHA

NGES

IN E

QUIT

Y (A

mou

nts i

n €)

Com

pany

31

/12/

2006

31/1

2/20

05

Share

holde

r's eq

uity a

t the

begin

ning o

f the p

eriod

(1/01

/2006

& 1/0

1/200

5 res

pecti

vely)

74.15

5.823

10.38

7.598

Net p

rofit/

loss d

irectl

y to e

quity

23.36

2-

Net p

rofit

after

taxes

7.728

.635

29.36

8.224

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

81.90

7.820

39.75

5.823

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Expe

nses

relat

ed to

issue

of sh

are ca

pital

(100.0

00)

-Sh

are ca

pital

issue

7.000

.000

34.40

0.000

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Share

holde

r's eq

uity a

t yea

r end

(31/1

2/200

6 & 31

/12/20

05 re

spec

tively

)88

.807.8

1974

.155.8

23===

======

======

======

======

======

===

CASH

FLOW

STAT

EMEN

T (A

mou

nts i

n €)

- Ind

irect

Met

hod

Com

pany

1/

01 - 3

1/12

/200

61/

01 - 3

1/12

/200

5Ca

sh flo

ws fr

om op

erat

ing a

ctivi

ties

Profit

befor

e inc

ome t

ax7.1

31.00

842

.507.3

98Ad

justm

ents

for:

Depr

eciat

ion33

.927

19.25

4Re

ceiva

bles im

pairm

ent

2.020

.233

-Fa

ir valu

e gain

s / (lo

sses)

of inv

estm

ent p

rope

rty(4.

748.5

22)

(46.86

0.857

)Re

sults

from

inves

ting a

ctivit

ies (R

even

ues, E

xpen

ses, P

rofits

, Los

ses)

(24.05

7)(9.

383)

Intere

st an

d oth

er rel

ated e

xpen

ses

3.474

.509

683.7

90Ch

ange

s in w

orkin

g cap

ital:

Decre

ase /

(incre

ase)

in rec

eivab

les(3.

926.8

79)

(13.43

5.245

)Inc

rease

/ (de

creas

e) in

paya

bles

(10.58

9.653

)10

.279.5

14Mi

nus: Int

erest

expe

nses

paid

(3.19

0.537

)(41

5.604

)Inc

ome t

ax pa

id50

9.178

(605.5

05)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

oper

atin

g acti

vities

- net

(a)

(9.31

0.793

)(7

.836.6

38)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

inve

sting

activ

ities

Purch

ases

of pr

opert

y, plan

t, equ

ipmen

t and

inve

stmen

t pro

perty

(9.59

4)(51

.918.7

73)

Capit

al ex

pend

iture

on in

vestm

ent p

rope

rty(3.

191.3

74)

-Int

erest

receiv

ed24

.057

9.382

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

inve

sting

activ

ities

- net

(b)

(3.17

6.911

)(5

1.909

.391)

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

flows

from

finan

cing a

ctivi

ties

Proce

eds f

rom

share

capit

al inc

rease

6.900

.000

3.000

.000

Proce

eds f

rom

borro

wing

s issu

ed / r

eceiv

ed-

70.00

0.000

Repa

ymen

ts of

borro

wing

s-

(10.00

0.000

)---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh flo

ws fr

om fin

ancin

g acti

vities

- net

(c)

6.900

.000

63.00

0.000

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Net (

decre

ase)

/ inc

reas

e in c

ash a

nd ca

sh eq

uiva

lents

(a) +

(b) +

(c)

(5.58

7.704

)3.2

53.97

1---------

------------------

------------------

------------------

------------

------------------

------------------

------------------

---Ca

sh an

d cas

h equ

ivalen

ts at

the b

eginn

ing of

year

9.445

.363

6.191

.392

------------------

------------------

------------------

------------

------------------

------------------

------------------

------------

Cash

and c

ash e

quiva

lents

at th

e end

of ye

ar3.8

57.65

99.4

45.36

3===

======

======

======

======

======

===

Annual Report 2006 - Lamda Dev

Documents

Transcript of Annual Report 2006 - Lamda Dev